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Russia to Sign $20bn Trade Deal with Iran Print E-mail
by Tom McGregor    Tue, Apr 15, 2014, 10:08 PM

Russian President Vladimir Putin is moving forward on a $20 billion trade deal with Iran.

The Voice of Russia reports that, "Now, since the start of 2014 Moscow and Tehran have been discussing a so-called oil-for-goods deal. The barter arrangement would see Russia buy up to 500,000 barrels of Iranian oil a day in exchange for Russian equipment and goods, including metals and food. Reuters reported there was no military equipment involved. The agency added the deal was expected to reach $15 to $20 billion in total and would be done in stages with an initial $6 billion to $8 billion tranche."

Additionally, Moscow can purchase oil from Tehran at a lower price than at the international level.

According to the Voice of Russia, "The deal would enable Tehran to boost vital energy exports in defiance of Western sanctions. The country has recently unveiled plans to double its oil production by the end of the decade. According to the figures provided by the official state-run news agency Shana, the country’s new oil minister, Bijan Zanganeh, has set a new output target of 5.7 million barrels per day of crude by 2018. OPEC says that Iran is currently pumping about 3 million barrels per day of crude."

While President Barack Obama is playing tiddlywinks, Putin is playing chess.

To read the entire article from the Voice of Russia, link here:

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