Tsarizm
Eastern Europe News

Russia And Iran Sign Oil-For-Goods Barter Deal; Escape Petrodollar

Image by Rugby471

Iran signed an agreement with Russia under which it has broken free from the petrodollar, and will “sell”, or rather barter crude oil to Russia in exchange for products. The announcement was made by Iran’s Oil Minister Bijan Zanganeh, as reported by Russia’s RIA and TASS news agencies.

“The deal has been concluded. We are just waiting for the implementation from the Russian side. We have no difficulties; we signed the contract, everything is coordinated between the parties. We are waiting for Russian oil companies to send tankers,” he said, as quoted by Russian news agencies. While sanctions against Iran have been lifted, restrictions on trade in US dollars for the country’s banks remain, making it difficult to sell oil on the open market.

As reported here just over three years ago, the $20 billion agreement was initially signed in April 2014 when Iran was under Western sanctions over its nuclear program. Russian traders were to participate in the selling of Iranian oil. In exchange, Iran wanted essential goods and technology from Russia…

To Read More Visit Zero Hedge

Related articles

Czech Republic Removes Euro Cap, Crown Stable

L Todd Wood

Ukraine Accuses Russia Of Attack On Poroshenko’s Website After Sanctions

L Todd Wood

Russia To Sue US Over Consulate Search And Seizure

L Todd Wood