Russia ignores latest sanctions
Despite recent economic and technological sanctions against Iran, Russia is partnering with Iran in a deal that will see Russia providing fuel and petroleum products. Although Iran produces its own oil, their system is inefficient and Iran does not have adequate refining capabilities. This requires Iran to import most of its oil.
Russian companies are prepared to deliver oil products to Iran. The possibility of delivering oil products to Iran exists, if there is a commercial interest," said Russian Energy Minister Sergei Shmatko.
The two countries are also discussing additional trading partnerships that include setting up a joint financial institution to fund oil and gas projects
The recent sanctions, to which Russia did not agree, are over and above existing UN sanctions that are specifically related to trade in military projects. In an interview, the Russian Energy Minister indicated that other countries are also trading with Iran in projects related to economic and technological advancement.