Russia has been in talks of buying oil from Iran, Energy Minister Alexander Novak said on Monday, confirming earlier reports.

At the sidelines of an economic forum in the Black Sea resort of Sochi, Novak told reporters he expected the deal to be reached "within weeks." The purchases will be carried out via Promsirieimport, a trading unit of Russia's Energy Ministry, he said.

Last week, Iranian Students' News Agency (ISNA) reported that Iran will begin selling 100,000 bpd of oil to Russia within the next 15 days and receive payment half in cash and half in goods and services.

(Source: Reuters)