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Iran, Russia negotiating big oil-for-goods deal

Published on Jan 10, 2014 7:37 PM

LONDON/ANKARA (REUTERS) - Iran and Russia are negotiating an oil-for-goods swap worth US$1.5 billion (S$1.9 billion) a month that would let Iran lift oil exports substantially, in defiance of Western sanctions that helped force Teheran to agree a preliminary deal to end its nuclear programme.

Russian and Iranian sources close to the barter negotiations said final details were in discussion for a deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

"Good progress is being made at the moment with strong chances of success," said a Russian source. "We are discussing the details and the date of signing a deal depends on those details."

The Kremlin declined comment.

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