Russia’s Lukoil to be first post-sanctions buyer of Iran oil as part of $40 billion deal

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Radio Free Europe / Radio Liberty

Iran and Russia have initialed contracts worth around $40 billion for nuclear power construction, railways, and other projects, the top adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei said on February 4.

Ali Akbar Velayati. / Press TV
Ali Akbar Velayati. / Press TV

Ali Akbar Velayati, at the end of a visit to Moscow, said he discussed some projects with Russian President Vladimir Putin. He said Tehran was interested in obtaining a loan from Russia for the railways and nuclear power projects.

The package of projects was signed in the past few months and they “are ready for implementation,” he said.

Iran is also discussing purchasing additional weapons from Russia and selling oil to Russia’s biggest oil company, state-owned Rosneft, Velayati said.

“On the Iranian side, there is a willingness to supply this company corresponding volumes of oil daily,” he said, adding that such sales “may become an additional source of financing” for joint projects.

Despite those plans, Reuters trading sources said Litasco, the trading arm of privately owned Lukoil, looked set to become the first post-sanctions buyer of Iranian oil in Europe.