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Russia and Iran sign 5 year deal for oil cooperation

The proposed crude deal between Russia and Iran will complicate their relations with the West, argues Anthony Woolich, a partner at law firm Holman Fenwick Willan

Under the cosh of Western sanctions, Russia and Iran are plotting a way to help each other. On 5 August, Alexander Novak, the Russian energy minister, and his Iranian counterpart, Bijan Zanganeh, signed a five-year memorandum in Moscow, which included co-operation in the oil sector and could be worth $20 billion. A large oil-for-goods deal was part of the discussion, although no confirmed details emerged about either the volumes involved or the timeframe for implementation. “Based on Iran’s proposal,” said a Russian statement, “we can participate in arranging crude oil shipments, including to Russia.” Volumes would be determined by “market needs”.  Any deal that sees Russia buy large quant

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