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Russia interested to continue oil-for-goods program with Iran

The "oil-for-goods" program does not imply direct purchase of oil from Iran by Russia, the energy minister said

MOSCOW, July 13. /TASS/. Russian companies are boosting oil production within the OPEC+ production capping deal framework in proportion to their share in the total Russian production, Energy Minister Alexander Novak told reporters on Friday.

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"We are interested in Iran having the opportunity to buy Russian goods, work and services, to increase trade turnover and develop relations," Novak said.

The "oil-for-goods" program does not imply direct purchase of oil from Iran by Russia, the minister said. "This is not the purchase by Russia and not by Russian enterprises," Novak added.

The US Secretary of Treasury Steven Mnuchin said earlier that the US administration will impose sanctions against Russia, China, and the European Union if they continue buying oil from Iran.

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.

Prior to the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) on Iran’s nuclear issue, Novak spoke of extending the agreement on Iranian oil supplies to Russia under the oil-for-goods program for another five years.

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