Against the Petro-Dollar: Russia to supply Iran with food as payment for oil

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Picture: Russian President Vladimir Putin with Iranian President Hassan Ruhani in 2016 in Baku. (Photo: dpa)

Russia and Iran are set to start exchanging petroleum for goods.

Russia and Iran seem to be on the verge of switching some of the trade between the two countries to barter. As the Russian state news agency TASS reports, both sides agree to partly trade Iranian oil for Russian food in the future. It meant in effect bypassing of the US Dollar which is most commonly used throughout the world to handle oil purchases between countries.

“The agreement is a settled matter. We are just awaiting implementation by the Russian side. There are no difficulties – we have signed the contract, and everything is coordinated between the two parties. We expect that the Russian oil companies will send tankers soon”, Iranian oil minister Bijan Zanganeh is quoted.

 

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