Putin's big energy snub to U.S-led West; Sanctions-hit Russia to ink $40 BN deal

• Russia and Iran prove the phrase "enemy's enemy is a friend" right again. Moscow is set to sign a massive energy deal with Tehran amid Europe's unprecedented crude crisis. A Russian state media report citing the Iranian Minister says that Tehran expects to sign a $40 billion agreement with Moscow's energy major Gazprom. The national Iranian oil company and Gazprom agreed in July to cooperate in the development of two gas deposits and six oilfields in Iran. The development comes as Russia and Iran rapidly expand their energy and trade ties amid the Western sanctions imposed on both nations. Watch this report to understand the dynamics of this deal.