Iran, one of Russia’s allies, is already preparing to take the place of Vladimir Putin’s country in terms of oil exports to Europe if sanctions against it are lifted, reports Markets Insider.

The information comes as Iran moves closer to an agreement with Western powers to return to the nuclear deal struck in 2015 and denounced by the United States three years later under former Republican President Donald Trump.

The Republican administration has accused Tehran of violating the terms of the deal and continuing nuclear research, imposing new sanctions that are having a devastating effect on the Iranian economy.

Iran, in turn, abandoned any compliance with the terms of the deal, resuming enrichment of uranium to the levels needed to produce nuclear weapons. In July of this year, Ayatollah Ali Khamenei’s senior adviser even stated that Tehran has the technical capabilities to produce nuclear weapons.

But returning to the nuclear agreement signed in 2015 would mean the lifting of American sanctions and the reopening of European markets, and not only for Tehran.

European countries to which Iran wants to sell oil

Iran’s plans come amid fierce competition with Russia in global oil markets as both countries, hit by heavy Western sanctions, have sharply cut prices for buyers such as India and China, Bloomberg reported last month.

Bloomberg reporters also reported a day ago that Russia is offering discounts of up to 30% to countries in Asia to try to sell their oil products after the European Union imposed an embargo on Russian oil in early June.

Great Britain, the United States and Canada also imposed restrictions or banned the import of Russian oil, but the volumes they imported were not as significant as the producers themselves.

Iran’s state oil company plans to seek customers in European countries such as Greece, Italy, Spain and Turkey if sanctions are lifted, according to several people familiar with Tehran’s strategy.

This could be another major blow to Russia’s energy industry as Turkey defies EU sanctions against Moscow by doubling its oil imports from Russia from early 2022.

Russia is becoming increasingly vulnerable to its partners

Although the barrels that stopped coming from Iran in the years after the reimposition of US sanctions did not affect world prices as much because there was no shortage of supply, they may now be of great importance in the context of the historic sanctions imposed by the West against Russia’s energy sector.

“The deal will bring significant volumes of Iranian crude back into the market, which will dampen prices,” said Henry Rohm, an energy analyst.

Iran has already increased production in anticipation of the lifting of sanctions, and its capacity is expected to increase by 6% to 4 million barrels per day by March next year, according to a statement issued by the CEO of the state-owned Iranian company, Mohsen Khojasteh. More, August 22.

Tehran’s entry into Moscow’s traditional markets, which Russia has tried to refocus on due to Western sanctions, puts Russian President Vladimir Putin in an impossible position, with no leverage over allies or partners on which he ultimately depends

Russia has already asked Tehran to supply it with military drones for its war in Ukraine after Western sanctions left it without the electronic components needed to make them.

In relations with China, Russia is also increasingly dependent on Beijing’s whims, while Kazakhstan, itself a major energy producer, has announced it will abide by Western sanctions against Moscow and is already in talks with the EU to increase its gas exports. community block.

Kazakhstan has also offered to export oil and natural gas directly to Hungary, one of the EU countries most dependent on energy imports from Russia.

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