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Moscow and Tehran signed oil-for-goods trade agreement

Iran and Russia signed a deal, according to Iranian Oil Minister Zanganeh.

Moscow and Tehran signed oil-for-goods trade agreement

According to Iranian Oil Minister Bijan Zanganeh, Iran and Russia have signed on may 25, 2017, a deal, under which Iran will sell crude to Russia in exchange for products.

According to Zangeneh, Iran is now waiting for Russian oil companies to send their oil tankers.

«It's done. We are now waiting for Russia to implement the deal. We have no difficulties, we signed the contract, everything between the parties is well-coordinated,» Zangeneh said.

Russian Energy Minister Alexander Novak said in March that Russia planned to buy 100,000 barrels a day, or nearly 5 million tons a year, in exchange for cash, which Iran would then spend on Russian goods such as steel, wheat and oil byproducts.

Russia's trade envoy to Iran, Andrey Luganskiy, made an assessment that under the deal Russia could provide Iran with products worth $45 billion a year.

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