Russia said Wednesday that United Nations sanctions will not stop its work with Iran in energy and power, despite others backing away from the Islamic republic. The Russian and Iranian energy ministries signed a “road map” outlining long-term energy cooperation and said they will aim to set up a joint bank to help fund bilateral projects and expand cooperation in natural gas deliveries and oil products. “Sanctions will not hinder us in our joint cooperation,” said Russian Energy Minister Sergei Shmatko when asked about joint oil and gas projects after the signing ceremony with Massoud Mirkazemi, his Iranian counterpart. Shmatko also said Russian firms could supply Iran with refined oil products. US laws sanction any company worldwide that exports the motor fuel to Iran in an effort to deter Tehran's nuclear enrichment activities. Iran says its nuclear activities are peaceful. “We have not discussed trading operations, but if there is commercial interest and attractive terms Russian companies are ready to supply oil products to Iran without any doubt,” Shmatko said. The text of the pact said the two countries will aim to increase cooperation in transit, swaps and marketing of natural gas as well as sales of petroleum products and petrochemicals. Russian Foreign Minister Sergey Lavrov, meanwhile, said his government wants the countries negotiating with Iran over its disputed nuclear program to take seriously a plan for a nuclear fuel-swap. The plan, put forth by Brazil and Turkey, would have Iran ship low-enriched uranium to Turkey, where it would be stored. In exchange, Iran would get fuel rods; that level of enrichment is high enough for use in research reactors but too low for nuclear weapons. In Lisbon, Portugal, Turkish Foreign Minister Ahmet Davutoglu said his country will remain engaged in diplomatic efforts to resolve the dispute over Iran's nuclear program. Davutoglu said Turkey wants to facilitate a peaceful end to the standoff. “We do not want to have any nuclear weaponry system in our region,” Davutoglu said.
