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Russia and Iran are resuming an oil swap barter deal that was set up to help Iran evade Western santions prior to the Iran nuclear deal. It is not clear if this development is due to new sanctions being imposed by the Trump administration on Iran. Russian Energy Minister Alexander Novak declared recently that up to 100,000 barrels of oil will be provided by Iran daily in exchange for goods and equipment. The oil will be settled physically or through a swap mechanism.
“We are finalizing the last details of regulatory documents. I think I will respond to your question within one month,” he told reporters on the sidelines of an international fair in the Turkish city of Izmir on Friday, reported PressTV.
The Iranian government also confirmed the Caspian oil swap had been resumed after a seven year haitus.
Iran uses the oil delivered to its refineries from the Caspain region and then delivers same amount to the Persian Gulf for export.