Russia Says Willing to Help Iran Export Oil
Russia is willing to step in to help Iran export its oil while the country is struggling to keep the oil flowing due to the new US sanctions.
Iran’s budget counts on raking in around $30 billion from oil and gas condensate exports, Oil Price reported.
It was holding out hope that Europe would have its Instex European payment system in place that would allow Europe to continue purchasing Iranian oil, but the system is not yet running, leaving Iran in a tight spot when it comes to exporting oil.
Russia, however, is happy to help, Russian Deputy Foreign Minister Sergei Ryabkov said Friday. It would also be willing to help with Iran’s banking sector as well, as Iran is finding it difficult to process payments.
The dynamics between the United States, Europe, Russia, and Iran is an interesting one, given the fact that some EU states have been irritated with the US meddling in its affairs as it looks to purchase cheap Russian gas through the Nord Stream 2 project.
If Europe is unable to get its payment system off the ground, Russia could facilitate the transactions, making exports possible despite the sanctions. Russia may then find somewhat emboldened EU members who are willing to thumb their nose at the United States when it comes to Nord Stream 2.
If Russia’s help is successful, Iran would be able to export substantial amounts of oil to Europe, Russia would be able to export more gas to the EU, and Europe would be able to purchase both low-cost oil and gas.
The United States, on the other hand, would find it near impossible to restrict Iran’s oil exports to zero, and would find it tough going to put the kibosh on Nord Stream 2.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years