ASSESSMENTS
Iran Watering Down Russian Trade Deal Terms
Aug 8, 2014 | 14:08 GMT
Russian President Vladimir Putin shakes hands with Iranian President Hassan Rouhani during a bilateral meeting on the sidelines of the fourth Conference on Interaction and Confidence Building Measures in Asia in Shanghai on May 21, 2014.
(ALEXEY DRUZHININ/AFP/Getty Images)
Summary
Some media outlets overreacted after Iranian Oil Minister Bijan Namdar Zanganeh visited Moscow on Aug. 5, where he and Russian Energy Minister Alexander Novak, who also heads the Iran-Russia Joint Commission, announced a memorandum of understanding on trade. Early reports indicated that, as part of the deal, Russia would buy 500,000 barrels per day of Iranian oil, which it would then sell on the spot market. In return, Russia would invest in Iranian nuclear power plants, electricity grids, agricultural products, machinery and consumer goods.
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