A Russian oil company has signed an agreement with Iran worth US$4 billion, and that deal "will be implemented soon."

Russian energy giants Rosneft and Gazprom have also started talks with the oil ministry of Iran to potentially sign deals worth up to US$10 billion, the Iranian adviser said, while a Russian government official confirmed to FT Russia's US$50-billion investment plans.

Iran exported 2.13 million barrels per day of oil in 2017, 62% went to Asia and 38% to Europe.