Iran has increased its oil-for-goods trades tenfold. According to state-run media following the visit by a Russian trade delegation to Tehran, led by this country’s Minister of Energy, many contractions were signed under which such trade has escalated from $1.5bn to $15bn.
Reuters reported back in February of this year that Iran and Russia are signing contracts under which Russia will buy 500,000 barrels of Iran’s oil and in return will export goods and services.