Russia to Assess Import of Iranian Oil

Russia will assess the possibility of purchasing Iranian oil following US threats to reimpose sanctions on Iran, Russian Energy Minister Alexander Novak told reporters on Tuesday.

“We will assess this situation from the legal point of view. The memorandum with Iran that we signed in 2014 is still in force. We will analyze this situation from the point of view of the legal basis,” he said when asked whether Russia will continue to purchase Iranian oil after US demanded that imports of Iranian oil be stopped, TASS reported.

Earlier this month, Washington urged its allies to stop importing oil from the Islamic Republic by early November.

In May 2017, Iran and Russia reached an agreement to begin oil supplies under the oil-for-goods program established in 2014, when the anti-Iran sanctions were in effect. The volume of the deal was agreed to stand at 100,000 barrels a day. Prior to the US withdrawal from the Joint Comprehensive Plan of Action on Iran’s nuclear issue, Novak spoke of extending the agreement on Iranian oil supplies to Russia under the oil-for-goods program for another five years.