diff --git a/changelog/unreleased/pull-2220 b/changelog/unreleased/pull-2220
new file mode 100644
index 000000000..0d4dcdc52
--- /dev/null
+++ b/changelog/unreleased/pull-2220
@@ -0,0 +1,16 @@
+Enhancement: Add config option to set S3 storage class
+
+The `s3.storage-class` option can be passed to restic (using `-o`) to
+specify the storage class to be used for S3 objects created by restic.
+
+The storage class is passed as-is to S3, so it needs to be understood by
+the API. On AWS, it can be one of `STANDARD`, `STANDARD_IA`,
+`ONEZONE_IA`, `INTELLIGENT_TIERING` and `REDUCED_REDUNDANCY`. If
+unspecified, the default storage class is used (`STANDARD` on AWS).
+
+You can mix storage classes in the same bucket, and the setting isn't
+stored in the restic repository, so be sure to specify it with each
+command that writes to S3.
+
+https://github.com/restic/restic/pull/2220
+https://github.com/restic/restic/issues/706
diff --git a/internal/backend/s3/config.go b/internal/backend/s3/config.go
index 1760f48c2..932806714 100644
--- a/internal/backend/s3/config.go
+++ b/internal/backend/s3/config.go
@@ -18,6 +18,7 @@ type Config struct {
 	Bucket        string
 	Prefix        string
 	Layout        string `option:"layout" help:"use this backend layout (default: auto-detect)"`
+	StorageClass  string `option:"storage-class" help:"set S3 storage class (STANDARD, STANDARD_IA, ONEZONE_IA, INTELLIGENT_TIERING or REDUCED_REDUNDANCY)"`
 
 	Connections uint `option:"connections" help:"set a limit for the number of concurrent connections (default: 5)"`
 	MaxRetries  uint `option:"retries" help:"set the number of retries attempted"`
diff --git a/internal/backend/s3/s3.go b/internal/backend/s3/s3.go
index 70a052868..e3c95001d 100644
--- a/internal/backend/s3/s3.go
+++ b/internal/backend/s3/s3.go
@@ -260,7 +260,7 @@ func (be *Backend) Save(ctx context.Context, h restic.Handle, rd restic.RewindRe
 	be.sem.GetToken()
 	defer be.sem.ReleaseToken()
 
-	opts := minio.PutObjectOptions{}
+	opts := minio.PutObjectOptions{StorageClass: be.cfg.StorageClass}
 	opts.ContentType = "application/octet-stream"
 
 	debug.Log("PutObject(%v, %v, %v)", be.cfg.Bucket, objName, rd.Length())