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Iran exporting 3 mln barrels of oil per month to Russia under oil-for-goods program

Settlements under this program are made in euros

MOSCOW, February 4. /TASS/. Iran’s oil exports to Russia under the oil-for-goods program stand at 3 mln barrels a month, IRNA news agency said on Sunday citing Iranian Minister of Petroleum Bijan Zangeneh.

According to the Iranian minister, settlements under this program are made in euros.

In May 2017, Iran and Russia reached an agreement to begin oil supplies under the oil-for-goods program established back in 2014, when the anti-Iranian sanctions were still in effect. The volume of the deal was agreed to stand at 100,000 barrels a day.

Earlier, Russia’s Minister of Energy Alexander Novak said that the oil-for-goods program was seen as a mechanism to boost trade between the two countries as proceeds from oil sales were meant to buy Russian-made commodity and services. According to Novak, Iranian oil would go for refining in those countries that buy such oil. Promsyryeimport is the deal’s operator.

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