Iranian oil tanker. Photo: WikiCommons.

Reuters – Iran and Russia are negotiating an oil-for-goods swap worth $1.5 billion a month that would let Iran lift oil exports substantially, in defiance of Western sanctions that helped force Tehran to agree a preliminary deal to end its nuclear program.

Russian and Iranian sources close to the barter negotiations said final details were in discussion for a deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

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