Novak: Russia and Iran are discussing the issue of settlements in national currencies

MOSCOW, November 12. Russia and Iran are discussing the possibility of conducting settlements in national currencies. The journalists said the Minister of energy Alexander Novak in the framework of the 12th session of the standing Russian – Iranian Commission on trade and economic cooperation. He is Chairman of the Russian part of the Commission.

“We’re looking for various tools which allow the funding of projects, – said Novak. – We are talking about the use of national currencies, the trade and balance that would allow to generate sources for mutual settlements”.

The trade turnover between the countries

Novak also noted that the trade turnover between Russia and Iran in the nearest future may increase to $10 billion.

“I think we can leave in the near future to $10 billion in Almost every region we have a project,” – said Alexander Novak.

Oil in exchange for goods

Novak said that Russia and Iran continue to consider the implementation of the agreement “oil in exchange for goods”.

“We hope to use this mechanism to have the sources to Finance joint projects,” he said.

Novak said that “any transactions under these agreements can be implemented”. The Minister did not specify the terms of these agreements.

He also noted that the Bank is preparing an agreement with the Central Bank of Iran on the granting of credit for €2 billion.

Novak said that the Ministry of energy of the Russian Federation does not see a direct dependence of the influence of the output of Iranian oil to the market on oil prices.

He said that Zarubezhneft is interested in the development of the field Sangole in Iran.