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    Iran's Nuclear Program Amid Western Sanctions (551)
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    Possible lifting of economic sanctions against Iran testifies to EU and US attempts to find an alternative to oil and gas deliveries from Russia, the Economic Development Ministry said in its updated macroeconomic forecast for 2016–2018 released Thursday.

    MOSCOW (Sputnik) – The deadline for the final comprehensive agreement with Tehran is set for June 30, 2015. When the deal comes into force, some sanctions imposed on Tehran's energy and banking sectors would be called off.

    “Markets’ concerns over the disruption of deliveries from Iraq and Syria have eased. This is due to a possible relief of economic sanctions imposed against Iran, which testifies to US and EU attempt to find alternative sources of oil and gas bypassing Russia.”

    According to the European Commission, the European Union imports about one third of its energy from Russia. Russia’s state-owned energy company Gazprom is the world's largest natural gas producer, accounting for up to 14 percent of the world's natural gas production.

    Oil prices more than halved during the last six months of 2014 amid oversupply in the market.

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    Iran's Nuclear Program Amid Western Sanctions (551)

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    Oil, sanctions, gas, Iran's Nuclear Program, Gazprom
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