• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
China Buys Up Russian Oil

China Buys Up Russian Oil

China is on track to…

Russia And Iran To Sign Free Trade Agreement With The Eurasian Economic Union

Russia and Iran have agreed to sign a free trade agreement with the Eurasian Economic Union, Russian Deputy Prime Minister Alexander Novak said on Tuesday.

Russia and Iran are also eyeing opportunities for joint projects, including in shipbuilding.

“We have also agreed to remove all barriers that exist today on the way of developing bilateral trade. And we are talking about reducing barriers at the borders with third countries. We have agreed to conclude an agreement on a free trade zone between Iran and the Eurasian Economic Union in the near future,” Novak said.

The news follows reports that Iran and Russia would continue to work out the details of their oil and gas supply swap, which is expected to be signed by the end of this year. The swap deal could involve 5 million tonnes of oil and 10 billion cubic meters of gas per year—at least in the first stage of the agreement. But Novak also said that the deliveries from Russia to Iran had already begun, and that they would now look to expanding the types of products covered by the agreement.

The trade turnover between the two countries has already increased this year, by 36.4%, reaching $3.3 billion, Novak said, and soon reaching $4 billion.

A deal with Iran regarding oil and gas shipments and shipbuilding projects would give Russia more latitude when it comes to shipping its sanctioned goods that would otherwise be subject to an outright ban or price caps. Russia is hoping to find more outlets for its oil and gas as the measures against it go into effect.

And if there is a subject that Iran knows best, it’s how to evade sanctions.

By Julianne Geiger for Oilprice.com 

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News