Iran close to inking $20bn barter deal with Russia

April 5, 2014 10:44 am

Iran and Russia have made progress toward an oil-for-goods deal that could be worth up to $20bn and enable Tehran to boost vital energy exports, Reuters has reported, citing people familiar with the negotiations. The two sides are looking at a barter arrangement that would see Iranian oil exchanged for industrial goods including metals and food, but no military equipment was involved, said a Russian source, adding that the deal was expected to reach $15 to $20bn in total and would be done in stages with an initial $6bn to $8bn tranche. Moscow had “prepared all documents from its side,” said the source, adding that completion of a deal was awaiting agreement on what oil price to lock in.