NEW DELHI: Iran has asked India to settle all oil trade including $1.53 billion owed to Tehran in the partly convertible rupee as the sanctions-hit nation cannot find an alternative payment channel, industry and government sources in Delhi said.
India has been paying for 45 per cent of its Iranian oil imports in rupees, which has limited international acceptability, and was settling the remainder in euros through Turkey's Halkbank, but this was halted in February under pressure from tighter western sanctions.
The US and European Union slapped sanctions on Iran to block oil revenues over its disputed nuclear programme, which they suspect aims to build weapons. Iran denies this claim.
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Iran asks India to settle all oil payment in rupees: Govt sources - The Times of India
India has been paying for 45 per cent of its Iranian oil imports in rupees, which has limited international acceptability, and was settling the remainder in euros through Turkey's Halkbank, but this was halted in February under pressure from tighter western sanctions.
The US and European Union slapped sanctions on Iran to block oil revenues over its disputed nuclear programme, which they suspect aims to build weapons. Iran denies this claim.
...
Iran asks India to settle all oil payment in rupees: Govt sources - The Times of India
