Confusion Reigns As Iran Denies Russia Oil Deal Reports

Amid stepped-up Ukraine-related western sanctions on Russia, Moscow has been stirring up talk of a major deal to buy Iranian oil: a deal that would seemingly be in violation of US and EU sanctions on Iran. With a resolution to its long-running nuclear dispute seemingly in sight, Iran is pouring cold water on such talk.

Iran’s Oil Ministry this week flatly denied signing an agreement to supply oil to Russia, on the back of conflicting reports coming out of Moscow as to whether or not a deal had in fact been finalized.

Press reports late on 5 August, including from Russian semi-official news agency Interfax, suggested that the two countries had signed a major oil supply deal, which would, so the reports went, see Russia taking up to 500,000 b/d of Iranian oil, in return for goods, services or infrastructure investment of equivalent value. (CONTINUED - 1159 WORDS)