Over the past few weeks, Russia has taken steps to develop its trade and economic ties with Tehran, which plunged to a record low of $1.59 billion last year. In 2013, according to Russian Minister of Energy Alexander Novak, this amounted to a reduction of 31.5%, a consequence of the unilateral US and EU sanctions imposed in mid-2012, which forced companies such as Lukoil and Gazprom Neft to leave the Iranian market.
The situation should have changed with the agreement reached between Russian President Vladimir V. Putin and his Iranian counterpart, Hassan Rouhani, during the SCO Summit in Bishkek in September 2013, which caused a stir and under the terms of which 500,000 barrels per day of Iranian oil would be delivered in exchange for Russian goods and equipment. By rough estimates, that is 12% of the oil extractable daily in Iran.
