by Liam Halligan, The Telegraph:
Vladimir Putin has attempted to sidestep Western sanctions on Russia’s energy sector by signing a $20bn trade deal that could see his country become the largest importer of oil from Iran.
The five-year accord will see Russia help Iran organise oil sales as well as “cooperate in the oil-gas industry, construction of power plants, grids, supply of machinery, consumer goods and agriculture products”, according to a statement by the Energy Ministry in Moscow.
News of the agreement hit US markets. The Dow fell 139 points, or 0.8pc, led by energy companies such as Chevron, down 2.5pc, and ExxonMobil, down 1.9pc. Brent Crude fell 1.5pc before recovering to trade down 0.7pc at $104.61.
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