Reuters on Thursday conveyed details of a conversation between Treasury Secretary Jack Lew and Russian Finance Minister Anton Siluanov, in which Lew expressed concern over a Russian-Iranian oil-for-goods deal:

“Secretary Lew reiterated our serious concerns regarding reports of a possible deal between Russia and Iran involving oil-for-goods,” a Treasury representative said in a statement after Lew met with Russian Finance Minister Anton Siluanov.

“He made clear that such a deal … could trigger sanctions against any entity or individual involved in any related transactions,” the representative said.

Lew also told Siluanov a deal would run counter to an agreement between Iran and six world powers, including the United States and Russia, in which Tehran promised to curb its nuclear program in return for a modest easing in Western sanctions. The sanctions were imposed to choke off Iran’s oil revenues.

The oil-for-goods deal – after having been first revealed last January and then stalling – has recently reemerged as a potential agreement. Past concerns conveyed to the Russians have been very publicly, and somewhat heatedly, dismissed.

Western analysts have in recent days outlined how the deal would enable Iran to create channels for the importation of nuclear technology and next-generation weapons. Reuters also described Lew as having told Siluanov that such a deal would ‘run counter’ to the interim Joint Plan of Action (JPA) between the P5+1 global powers, which include Russia, and Iran.

The ongoing Ukraine crisis had already weeks ago generated concerns among observers that Moscow would respond to Russian-Western tensions by downgrading its cooperation in talks with Iran, or potentially even by undermining those talks. The worries had been brushed off by Obama administration officials, who instead insisted that the Russians would “compartmentalize” various geopolitical crises.

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