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Iran, Russia working to seal $25.2b oil-for-goods deal - sources

Published on Apr 3, 2014 1:31 AM

LONDON/ANKARA (REUTERS) - Iran and Russia have made progress towards an oil-for-goods deal sources said would be worth up to US$20 billion (S$25.2 billion), which would enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters.

In January Reuters reported Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

The White House has said such a deal would raise "serious concerns" and would be inconsistent with the nuclear talks between world powers and Iran.

A Russian source said Moscow had "prepared all documents from its side", adding that completion of a deal was awaiting agreement on what oil price to lock in.

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