Iran will begin oil exports to Russia in near future under an oil-for-goods barter scheme, Press TV quoted an Iranian energy official as saying on Saturday.

There existed some banking problems related to the exports of Iranian oil to Russia which have been resolved, making it possible to open letters of credit (LCs), Iran’s Deputy Minister of Petroleum Ali Kardor said.

In 2014, Iran and Russia reached a preliminary agreement under which Moscow would buy up to 500,000 barrels per day (bpd) of Iranian oil in exchange for Russian equipment and goods.

The agreement envisaged swapping around 300,000 bpd via the Caspian Sea and the rest from the Persian Gulf.

For now, the two sides are considering shipping 100,000 bpd of Iranian oil to Russia, with supplies being “either physical or swap-based,” according to the report.

Kardor said Iran is about to receive 50 percent of payment in euros and the rest in goods and services.