Iran/Russia Petroleum Swaps "Have Already Begun": Novak

Russia’s Deputy Prime Minister Alexander Novak told journalists earlier that swap deliveries of petroleum products with Iran had begun and that the range would expand.

• The comments from Novak add further clarity to the trade situation after Tass comments earlier only indicated that the countries were in discussion about swap deliveries rather than already actively engaging in them.
• "Swap deliveries of petroleum products have already begun, and we have agreed to expand the range," Novak said.
• "A number of investment projects are already being implemented here for the participation of Russian companies regarding oil production in Iran. Going forward, beginning next year, the volumes [of production] should increase further, and new fields will be developed," he said.
• He also added that Russia could ramp up Iranian oil production by helping to develop its oil fields.