Russia Has No Plan to Import Iranian Oil

Russia Has No Plan to Import Iranian OilRussia Has No Plan to Import Iranian Oil

Moscow did not plan to import oil from Iran and Iranian oil would not be used to fulfill Russian companies' contracts by swap operations, Russian Energy Minister Alexander Novak was quoted by Interfax news agency as saying.

Novak said, however, that Russian traders could help Iran to sell its oil on international markets and that Iran could spend money earned on oil sales to buy Russian goods.

"We ourselves are a producing country. And we aren't going to buy their oil," Novak said, adding: "Within our memorandum on expanding trade and economic cooperation, Iran will sell us oil, and that money will go for buying goods from Russia. Our traders if possible will help to find a buyer."

Russia plans to buy “much lower than 500,000 barrels day” in exchange for cash, which Iran will then spend on Russian goods including steel, wheat and oil byproducts,  oil minister Bijan Namdar Zanganeh said Saturday.

Earlier reports said that Moscow will buy up to 500,000 barrels of Iranian oil per day in exchange for Russian equipment and goods. The deal is estimated at $15-20 billion, but no official figures have been reported so far.