December 8, 2022

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Russia, Iran ‘Hammer Out Mechanisms’ for Swapping Oil and Gas Supplies in Face of Sanctions

Moscow and Tehran continue to discuss swapping supplies of oil and gas, Russian Deputy Prime Minister Alexander Novak told reporters on Thursday, as Russia is challenging Western sanctions introduced over its ongoing special military operation in Ukraine.He spoke after the National Iranian Oil Company NIOC and the Russian energy giant Gazprom signed a memorandum in July that stipulates bilateral cooperation on developing the Kish and North Pars gas fields, six oil fields, as well as maintaining pressure at the South Pars field, the world’s largest gas reservoir.In addition, the memorandum envisages exchange operations with natural gas and oil products, the implementation of LNG projects, and the construction of export gas pipelines.The Iranian news agency Shana reported at the time that a potential deal between the two companies could be worth about $40 billion.Iranian Deputy Oil Minister Ahmad Asadzade has, meanwhile, told Sputnik that his country looks to use the memorandum in order to clinch an array of oil and gas agreements with Russia within six months, hoping for greater unity with Moscow on the situation in the field of energy resources.On February 24, Russia began a special military operation in Ukraine, responding to calls for help from the Donbass republics of Donetsk and Lugansk. The West and its allies retaliated by imposing packages of “severe” sanctions against Moscow, with the EU pledging to end its dependence on Russian energy supplies.In particular, the EU’s July 21 package included a gradual phase-out of Russian oil. It provided for a complete import ban on all Russian seaborne crude oil as of December 5, 2022, and petroleum products as of February 5, 2023.Original News :

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