Vladimir Putin signs historic $20bn oil deal with Iran to bypass Western sanctions

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Five-year accord will see Russia help Iran organise oil sales, but government denies it has violated international obligations

Vladimir Putin has agreed a $20bn (£11.8bn) trade deal with Iran that will see Russia sidestep Western sanctions on its energy sector.

Under the terms of a five-year accord, Russia will help Iran organise oil sales as well as “cooperate in the oil-gas industry, construction of power plants, grids, supply of machinery, consumer goods and agriculture products”, according to a statement by the Energy Ministry in Moscow.

Vladimir Putin signs historic $20bn oil deal with Iran to bypass Western sanctions

The Russian government issued a new statement on Wednesday after mysteriously withdrawing a similar release on Tuesday.

Russian Energy Minister Alexander Novak said on Wednesday that his government will help Iran bring its oil to market. In return, Iran wants to imort power and pump equipment, steel products such as pipes, machinery for its leather and textile industries, wood, wheat, pulses, oilseeds and meat.

Iran “is also interested in the joint construction of power generation and development of coal deposits”, Mr Novak added.

Further talks between the two countries will take place next month, he said.

A deal could see Russia buying 500,000 barrels of Iranian oil a day, the Moscow-based Kommersant newspaper has previously reported. That would be about a fifth of Iran’s output in June and half its exports.

There’s a question over “how substantive this memorandum is”, Richard Mallinson, an analyst at Energy Aspects in London, told Bloomberg. “There would be various practical limitations in terms of Iran’s current production capacity, geography and shipping logistics, as well as US sanctions.”

The move is a win-win for both nations after they were hit with Western sanctions aimed at limiting their energy sectors.

The European Union recently unveiled a raft of measures to restrict certain oil exploration and oil drilling related products in Russia after what President Barack Obama called the country’s “illegal actions” in Ukraine. Russia’s prescence in the Eastern European country reached a watershed moment last month when Malaysia Airlines Flight MH17 was allegedly shot down by rebels sympathetic to Mr Putin’s government, killing all 298 people on board.

On Tuesday, the Russian President told regional leaders that “the political tools of economic pressure are unacceptable and run counter to all norms and rules”, adding that he had given orders to boost domestic manufacturers at the expense of non-Russian ones.

Meanwhile, Iran has faced sanctions due to its reluctance to end a controversial nuclear programme. The country has been locked in talks with six world powers – Britain, China, France, Russia, the US and Germany – to reach an understanding, with an interim deal to lift a ban on sales to the EU and limiting them to Asia agreed in November. However, since then talks have stalled, causing Iran’s petroleum exports to halve in the past two years, according to OPEC.

Despite the sanctions, Iran has been looking to boost oil production in recent months, setting a new output target of 5.7m barrels per day (bpd) of crude by 2018 – OPEC believes Iran is currently pumping about 3m bpd of crude. However, it needs the help of international oil companies, and Russian energy firms have repeatedly expressed an interest in teaming up with Iran.

Alexander Novak, Russia’s minister of energy, said an agreement would not violate international obligations and is important given the current “reality”.

The White House has previously said that reports of talks between Russia and Iran were a matter of “serious concern”.

“If the reports are true, such a deal would raise serious concerns as it would be inconsistent with the terms of the agreement with Iran,” Caitlin Hayden, spokeswoman for the White House National Security Council, said in January.

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4 Responses

  1. Nalliah Thayabharan says:

    Since the 1950s Western imperialists have been in the business of regime change, assassinations and propping up client states to pillage the wealth of nations.

    In 1953, England and America overthrew the democratically elected government of Mohammad Mosaddegh of Iran. The coup was orchestrated by the intelligence apparatus of both countries after Mr. Mosaddegh nationalized the oil industry that was controlled by foreign interests. They set up Mohammad Reza Shah Pahlavi (the shah of Iran) as a puppet authoritarian ruler who relied heavily on U.S. support.

    In 1961, in the Congo, the CIA in collaboration with Belgium plotted the overthrow and subsequent murder of Patrice Lumumba—the country’s first post colonial prime minister—and installed Joseph Mobutu who served America for 32 years until his own demise at the hands of Clinton administration backed proxies, Rwanda and Uganda. The war caused the death of 6 million Congolese.

    In 1966, Ghanaian independence leader Dr. Kwame Nkrumah was deposed by the CIA using ambitious enemies from within Ghana while Dr. Nkrumah was abroad in China on a peace mission attempting to mediate the Vietnam conflict.

    Another gross example of U.S. meddling in the affairs of others was the September 11, 1973 ousting and assassination of the legitimate, elected government of President Salvador Allende of Chile. The coup d’état was organized by the Richard Nixon administration and Chilean military, ushering in the brutal dictator General Augusto Pinochet. These are only three examples out of many that can be named as examples of America’s pursuit of wicked foreign policy objectives.
    A dictator becomes a “dictator” abhorred by his countrymen when he has overused his authority & power. These are good lessons for such leaders overstepping their power because they have come to equate power as their right. Such have been the countries that the West have been quick to ear mark & target for overthrowing these countries has been an easy effort to enter & dislodge these leaders. It is these very citizens who end up helping the overthrow take place, thus the non-requirement for stretched military equipment or personnel & the use of their own to minimize the casualties to their own countrymen. Collateral damage is what the West would call this. The countries where these leaders become “dictators” are often rich in natural resources which are one reason why they end up misusing the mandate given to them & becoming power hungry & their stooges & families end up devastating the country to which they are supposed to function as custodians.

    It is the lack of answering this all important question that demands the West not to use these false clichés of “freedom from dictators” as an excuse. No sooner these “dictators” are overthrown the first thing the West ends up doing is to tap the natural resources, take over the economic hubs & privatize all channels that will supply their countries a steady flow of monetary returns & economic gain. All those who played an indirect role in aiding the West by providing support end up just turning their heads away. Therefore, when we all know Iraq was a mistake it is good to now ask whether Libya is going to be another – where the consequences to the future of the people of these countries were never part of the strategy or overall plan!

    It is not hard to deduce that all of the efforts to overthrow Governments whatever type of governance has taken place in these countries are done so purely on the basis of acquiring the wealth of these nations. The calls for removal of these “despots” or “dictators” are mere slogans helped greatly by the mass media that provides the visuals of sensationalism to justify the overthrowing by painting the perfect picture of saviors against despots. It took no time for Mubarak of Egypt, the one time darling of the West to be portrayed with so much hatred by the media with no reminder to the public that he was an agent of the West. This is what is likely to happen to all other political leaders who think they will remain the darlings of the West & continue corrupt leadership.

    In any democracy where people come to power on the strength of a vote it is natural that almost half the nation will not vote in favor of the overall winner. This is certainly not basis for any country to say that a leader is opposed & plans set to overthrow him.

    The countries that are currently earmarked for regime change will know from diplomatic statements where their countries are heading for & this alone should suffice to ensure the country is set in order & issues that are likely to be used as excuses are properly taken care of. Corruption being one excuse is a perfect area to ensure that politicians, their stooges & the corrupt public service immediately function as they should & not as they want to run for the repercussions are far more dangerous in the present context.
    If any country should be saved by the West it should be Palestinians suffering in Gaza for years as a result of Israeli. What does the US do instead – it vetoes Resolutions brought against Israel in the UN.

  2. Nalliah Thayabharan says:

    Nobody can bring up any example of an aggressive action by Iran against the other nations throughout the past century. In the contemporary era, Iran has never invaded nor attacked any country; on the contrary, it was the subject of unjust and imposed wars by imperial powers. In 1941, the Soviet, British and Commonwealth armed forces invaded Iran in an attempt to undermine the Germans’ growing influence in Iran and their dominance over Iran’s vast oil reserves. Some 4 decades later, under the pressure from the United States and its European allies, Saddam Hussein invaded Iran and killed more than 500,000 Iranians with the final objective of nipping the newborn Iranian Revolution in the bud. Although both wars failed to realize their objectives, they made the Iranian people feel the bitter taste of subjugation and suppression. So, as a victim of imperialism and warmongering policies of the superpowers, it’s a vapid joke to claim that Iran poses the most significant threat to global peace and security.

  3. Nalliah Thayabharan says:

    Now I know exactly why Iran needs a nuclear weapon to defend aginst Western imperialism. Since the 1950s Western imperialists have been in the business of regime change, assassinations and propping up client states to pillage the wealth and natural resources of nations. In 1953, UK and USA overthrew the democratically elected government of Mohammad Mosaddegh of Iran. The coup was orchestrated by the intelligence apparatus of both countries after Mohammad Mosaddegh nationalized the oil industry that was controlled by foreign interests. They set up Mohammad Reza Shah Pahlavi (“King Shah” of Iran) as a puppet authoritarian ruler who relied heavily on American support. In 1961, in the Congo, the CIA in collaboration with Belgium plotted the overthrow and subsequent murder of Patrice Lumumba—the country’s first post colonial prime minister—and installed Joseph Mobutu who served USA for more than three decades until his own demise at the hands of US President Clinton and CIA backed proxies, Rwanda and Uganda. The war caused the death of six million Congolese. In 1966, Ghanaian independence leader Dr Kwame Nkrumah was deposed by the CIA using ambitious enemies from within Ghana while Dr Kwame Nkrumah was abroad in China on a peace mission attempting to mediate the Vietnam conflict. Another gross example of American meddling in the affairs of others was the September 11, 1973 ousting and assassination of the legitimate, elected government of President Salvador Allende of Chile. The coup d’état was organized by the Richard Nixon administration and Chilean military, ushering in the brutal dictator General Augusto Pinochet. These are only three examples out of many that can be named as examples of America’s pursuit of wicked foreign policy objectives

  4. Nalliah Thayabharan says:

    While all eyes are on Gaza strip where air strikes are escalating and Israel is on the verge of sending a ground invasion force into Gaza Strip, Netanyahu’s eyes remain squarely on Iran.
    The escalations against Gaza are part of a broader strategy to sell the public on a future attack on Iran, with Netanyahu touting the rag-tag militias in the tiny, besieged Gaza strip as Iran’s front line.
    The war’s ability to shift the Israeli voters dramatically rightward and right before the election this could impact the next Israeli cabinet meaningfully, piecing together an even more hawkish force.
    Netanjahu is looking to convince the Israeli public that the “show of strength” demonstrates military readiness for attacking Iran, suggesting that Isarel’s ability to bomb a tiny enclave on its border is not materially any different from bombing a massive nation much farther away. How well Netanyahu can sell the myth of the invincible Israeli military by bombing innocent children remains to be seen, but could play a major role in shifting voter sentiment back toward a unilateral attack.

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