Related Articles
Forward article link
Share PDF with colleagues

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

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy