Editor: Because of the sanctions imposed upon Russia by the United States and the European Union Russia has turn to other trading partners to offset these actions. The deal described below is an earmark, the same type of painting Russia into the corner as the United States did to Japan which led to the “surprise” attack on Pearl Harbor, although the specifics are different, the attitudes are the same, whether or not the consequences will be, we can only hope not!
Russia Delivers Blow To Petrodollar In Historic $20 Billion Iran Oil Deal
Russia signed a historic $20 billion oil deal with Iran to bypass both western sanctions and the dollar based western monetary system yesterday.
Currency wars are set to escalate as the petro dollar’s decline continues.
Russian Energy Minister Alexander Novak and his Iranian counterpart Bijan Zanganeh signed a five-year memorandum of understanding in Moscow, which included cooperation in the oil sector.
“Based on Iran’s proposal, we will participate in arranging shipments of crude oil, including to the Russian market,” Novak was quoted as saying.
The five year accord will see Russia help Iran “organise oil sales” as well as “cooperate in the oil-gas industry, construction of power plants, grids, supply of machinery, consumer goods and agriculture products”, according to a statement by the Energy Ministry in Moscow.
The deal could see Russia buying 500,000 barrels of Iranian oil a day, the Moscow-based Kommersant newspaper has previously reported. Under the proposed deal Russia would buy up to 500,000 barrels a day or a third of Iranian oil exports in exchange for Russian equipment and goods.
The Russian government withdrew the statement regarding the deal last night, but said it would issue a new statement today.
In January, Russia said that they were negotiating an oil-for-goods swap worth $1.5 billion a month that would enable Iran to lift oil exports substantially to Russia, undermining Western sanctions.
Yesterday, the Russian President told regional leaders that “the political tools of economic pressure are unacceptable and run counter to all norms and rules.” He said in response to western sanctions he had given orders to boost domestic manufacturers at the expense of non-Russian ones.
The White House has previously said that reports of talks between Russia and Iran were a matter of “serious concern”.