TEHRAN – Half of the funds that Iran receives from the contract to supply oil to Russia will be spent on financing joint projects, Iranian Ambassador to Moscow Mehdi Sanaei has said.

“We do not have a contract on oil swap for goods,” Sanaei said in an interview with RIA Novosti published on Wednesday

He added that this is a contract for the purchase of oil.

Under the contract, 50 percent of revenues from oil sales will be spent on implementation of various joint projects, while the remaining part of the amount is transferred to the Central Bank of Iran, he said.

MH/PA