The International Relations Director ‎of the Iranian National Petrol Company, Seyyid Mohsen Qamsari, announced that Iran and Russia have signed an agreement to establish a joint fund, according to IRNA, Iran's official news agency. Qamsari said Iran would conduct some of its oil sales through this fund. He added that the country would be able to also use this fund's assets to buy goods and equipment from foreign countries. Iranian Oil Minister Bijan Namdar Zanganeh had said previously that Iran would sell oil to Russia in exchange for food. However, Qamsari emphasized that this agreement does not involve an oil-for-food exchange.

Qamsari stressed that the fund allows for no limitations on the sale of Iranian oil by Russia. However, he said all of Iran's oil exports would not be shipped through Russia, as the country has agreements with other countries as well. Some Iranian officials stressed that Iranian natural gas could be exported to Europe through Russia thanks to this agreement. According to the international affairs chairman of the National Iranian Gas Company, Azizullah Ramazani, Iran is interested in the Turkish Stream project. "Iran and Russia can sell their natural gas jointly to Europe by connecting their pipelines," he said.