Russian oil ministry comments
The FT reports that Russia is looking to "continue developing" its trading of Iranian oil, which it sells to third countries under a 2014 oil-for-goods deal, regardless of the sanctions, energy minister Alexander Novak.
He said he could definitely confirm that trade will continue but declined to comment on whether an increase in trade was likely.
From the FT:
The 2014 deal between Russia and Iran uses a formerly dormant Soviet state enterprise, Promsyryoimport. The amount traded has been around 100,000 barrels a day of Iranian crude, according to both countries' ministers, though it is unclear who has bought the oil. In exchange, Tehran uses the revenue to pay for Russian goods and services such as power generation, railway infrastructure or agricultural products. "It gives Iran a guaranteed resource to pay, and that allows increasing trade," Mr Novak said in an interview in Moscow. "We have historical trade with Iran. Iran needs our technology and services."
