Iran and India reach on agreement to clear the dues in Euros

India says it has reached an agreement with Iran to pay all outstanding debts to the country for previous oil purchases in euros.

According to Press TV, India’s Petroleum and Natural Gas Minister Dharmendra Pradhan has been quoted by the media in Tehran as saying that New Delhi’s oil payments to Iran will be made through a bank in Turkey.

On the same front, Iran’s Oil Minister Bijan Zangeneh has been quoted as saying that two more banking channels will be opened in the near future to handle India’s outstanding and future oil payments to Iran.

Zangeneh said the same channels will enable the Central Bank of Iran (CBI) to access $6 billion that India owes the Islamic Republic.

He further emphasized that all payments from India to Iran will be in cash and no barter in goods and commodities will be ever made.

Indications appeared in the media in early March that the two sides have come across differences over settling of the debts.

The difference reportedly involves the foreign exchange rate for the sum that India owes Iran.

SS