Belarus, Iran agree on oil-machinery barter

Belarus, Iran agree on oil-machinery barter
Representatives of Iran and Belarus have concluded an agreement on a barter exchange of oil for machinery. Iran’s ambassador to Belarus Mostafa Oveysi said this, Mehr reports.

"Teheran and Minsk have agreed to exchange oil for industrial equipment", - Oveysi said during the meeting between the Iranian ambassadors with the management of the islamic revolution fund, Mostazafan.
Belarus is actively attempting to substitute oil shipments from Russia. Due to miscommunication in gas price setting in 2016, Belarus refused to pay for the oil, causing Russia to cut its supplies to Belarus. Oil refinery volumes in Belarus fell by 18% because of this.
In reaction to that, the President of Belarus Aleksandr Lukashenko announced the country was prepared to seek new sources of oil elsewhere.
"We are traveling to Venezuela to mine oil, then we will go to Canada, we are also in talks with Iran", - he said then.

On 8 May, US President Donald Trump announced the country was pulling out of the Iran nuclear deal and re-introducing sanctions against Iran. The sanctions will be resumed gradually, the process is expected to take between three and six months.
Later it was revealed that the United States had introduced additional sanctions against Iran, as well as threatened to impose similar sanctions against European companies that trade with Iran.
In response, Iran is threatening to block oil shipments via the Strait of Ormuz to the Persian Gulf.
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