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    Russia-Iran 'Oil for Goods' Program Well Underway – Russian Deputy FM

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    Russian Deputy Foreign Minister Sergei Ryabkov said that an "oil for goods" program is already underway between Russia and Iran.

    MOSCOW (Sputnik) An "oil for goods" program is already underway between Russia and Iran, Russian Deputy Foreign Minister Sergei Ryabkov said Monday.

    "Bartering is conducted through an exchange of Iranian crude oil and we deliver certain foodstuffs while not breaching the current sanction regime in any way, that's why we consider that this is a normal [method] and that is exactly how we are operating," Ryabkov told journalists.

    Ryabkov said that Russia barters using grains, particular types of equipment, and building materials in exchange for Iranian oil. The deputy foreign minister did not specify the volume of the bartering, only calling it "considerable."

    Under the agreement that was first reported early in 2014, Moscow is to purchase up to 500,000 barrels of crude oil per day from Tehran in exchange for Russian goods.

    Last December, the Iranian Trade Ministry's press office confirmed to Sputnik that the barter would kick off with the delivery of grain supplies, which the head of Russia's United Grain Company said could amount to over 2 million tons a year.

    The five-year oil-for-goods program is estimated to be worth nearly $20 billion.

    Related:

    Russia’s Role in Iran Nuclear Deal ‘Very Helpful’ - US State Department
    Russia, China to Receive Economic Boost From Iran Sanctions Relief -Experts
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    Oil, crude oil, Sergei Ryabkov, Iran, Russia
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