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Iran prepares to start crude oil export to Russia

October 31/ 09:20

Tehran. Iran will start crude oil export to Russia in the near future, the Islamic Republic’s deputy oil minister, Ali Kardor, said Oct. 28.

He said that banking problems between the two countries have been settled and now opening of the LC is possible. Trend agency reports.

Speaking to Official IRNA news agency, Kardor said that the sides are preparing to launch the export within the signed contract.

He further said that Russia will pay half of the oil money in cash in euro and the other half in the form of goods and equipment.

Earlier the two sides announced that a contract was finalized for export of 100,000 barrels of Iran’s oil to Russia on a daily basis.

The arrangement dates back to 2014 when Iran tried to boost vital energy exports in the face of intensified Western sanctions. At the time, it was said that Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day (bpd) of Iranian oil in exchange for Russian equipment and goods.

On August 18, Russian Energy Minister Alexander Novak said Iran can start within next month the deliveries of crude oil to Russia under the "oil-for-goods" program.

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