Russian, Iranian companies discuss barter deal terms: minister
Reuters
Published Apr 15, 2015 07:35AM ET
Russian, Iranian companies discuss barter deal terms: minister
MOSCOW (Reuters) - Russian and Iranian companies are discussing terms for a barter deal which will not include oil deliveries, Russian Energy Minister Alexander Novak said on Wednesday, trying to end confusion over the status of a long-heralded agreement.
Russian officials said on Monday Russia was sending grain, equipment and construction materials to Iran in an oil-for-goods exchange, the first step in securing a foothold in a new market since the West imposed sanctions on Russia over Ukraine.
But the announcement caused confusion in the oil and grain markets, with traders saying no oil deliveries and no grain supplies had been registered.
Some suggested it was little more than political posturing to try to cement ties with Iran after an interim deal was reached this month on curbing the Islamic republic's nuclear program in exchange for removing sanctions.
Politically sensitive talks are now in their final stages on a deal to end a decades-old dispute on the nuclear program between Iran and six world powers - the United States, Britain, France, Russia, China and Germany. The West suspects the program has military aims while Tehran says it is peaceful.
Novak told reporters the deal did not envisage any oil supplies to Russia, or Russia shipping cargoes on to other markets.
"There are negotiations between companies, they are working on the terms. We do not foresee oil deliveries," he said.
"We are not discussing the delivery of Iranian oil (to global markets) ... They can freely supply the market themselves it they lift sanctions."
Russia has been quick to show its enthusiasm for renewed ties with the Islamic republic. President Vladimir Putin also said Russia was ready to supply an advanced S-300 anti-missile system to Tehran, prompting alarm in Washington.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.