Russia will assess its agreement with Iran to import crude oil in exchange for goods “from the legal point of view,” Energy Minister Alexander Novak told media following reports that the U.S. State Department has started pressuring its allies into completely cutting Iran out of international oil markets. Russia, of course, does not rank among these allies, and, what’s more, it is—like Iran—subject to U.S. sanctions, so it would probably be the last country to decide it might be wise to heed Washington’s warnings. What’s more, after it brought Iran on board with the production increase at the OPEC+ meeting last week, analysts suggested Moscow is in a position to ask Washington to return the favor. In any case, “the memorandum [with Iran] that we signed in 2014 is still in force,” Novak said. The memorandum stipulates an oil-for-goods mechanism that sought to help alleviate the pressure on the […]