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Russian-Iranian fund for Tehran’s oil sales

June 9, 2015 at 10:46 am

An agreement between Tehran and Moscow to establish a joint fund for Iranian oil sales was announced yesterday, the official Iranian news agency IRNA reported.

Director of international affairs at the National Iranian Oil Company, Mohsen Ghamsari, said that Iran and Russia have signed an agreement for the establishment of the joint fund.

He said: “Part of the Iranian oil sales will go through this fund, while Iran will purchase goods and equipment from countries around the world through the fund at the same time.”

Previously, Iranian oil minister, Bijan Namdar Zanganeh, said, “his country and Russia will exchange oil for goods,” but Ghamsari explained that “the agreement signed between the two countries does not include the bartering of oil-for-food,” according to the news agency.

Ghamsari pointed out that “the joint fund, which is set to be established between Iran and Russia, would allow Iran to export oil through Russia, and therefore there will be no restrictions on the exported oil.”

He noted that “Iran’s oil exports will not take place across Russia only, as Iran has agreements with other countries for exporting its oil.”

According to the report, a number of Iranian officials announced that this agreement will allow Iran to export natural gas to Europe via Russia.