Western media reported over the weekend that Russia and Iran will soon start what has been described for long as an “oil-for-food” barter scheme.  They quoted a report by Bloomberg in which Iran’s Minister of Petroleum Bijan Zangeneh had said the scheme will be launched within the next days.

However, Iran’s media on Sunday have quoted officials as saying that Iran and Russia are working on no barter plan and that the two have devised a mechanism by means of which Russia will sell Iran’s oil and deposit the revenues thus obtained in a fund that Iran can use to purchase its essential commodities.

“This agreement [between Iran and Russia] is not an oil-for-food barter,” said Mohsen Qamsari, the NIOC director for international affairs.

Qamsari added the agreement that Iran and Russia have already signed and are about to make operational envisages a scheme in which a joint fund will be created between the two countries over the sales of Iranian oil.

The fund, the official added, will provide the resources for purchasing different kinds of goods and equipment.

Qamsari further added that there is no limitation for Russia over selling Iranian oil. “Of course, it cannot include all of Iran’s exportable oil because Iran has commitments to sell oil to certain markets.”

By Press TV