Russia and Iran finishing up Oil trade agreement

Thanks to a blog reader here for pointing out this article regarding a new oil trade deal between Iran and Russia. This is just another case where we have a BRIC country doing a deal that again will bypass the US dollar. In this case it is an energy deal which also is a threat to the Petrodollar.

"Iran and Russia have made progress towards an oil-for-goods deal sources said would be worth up to $20 billion, which would enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters."

"The White House has said such a deal would raise "serious concerns" and would be inconsistent with the nuclear talks between world powers and Iran."

""If Washington can't stop this deal, it could serve as a signal to other countries that the United States won't risk major diplomatic disputes at the expense of the sanctions regime," he added."

my added comment: right now the indications are that the US and BRIC nations are moving farther apart rather than closer together. We'll see what happens at the G20 meetings. It is hard to see the US Congress doing anything that Russia wants right now.