Russia & Iran sign oil-for-goods trade agreement

However, in March 2017, Novak said it was back on the table with Russia buying 100,000 barrels per day from Iran and selling the country $45 billion worth of goods.

Despite the lifting of sanctions, Tehran is still facing problems in re-connecting Iranian banks with global financial markets.

A February report by the International Monetary Fund said that while Iran has been reconnected to SWIFT, significant challenges prevent Iranian banks fully-reconnecting to global banks still exist mostly due to remaining US sanctions.

“US primary sanctions apply to US financial institutions and companies, including their non-US branches (but not their subsidiaries). Moreover, with very limited exceptions, businesses and individuals related to the US continue to be generally prohibited from dealing with Iran, including with the government,” the IMF said.

“US dollar clearing restrictions have not been lifted and pose a significant challenge for non-US banks who may do business with Iran, but may not be paid in US dollars,” it added.

Article Appeared @https://www.rt.com/business/389712-russia-iran-oil-goods/

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