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Iran asks India to pay its oil debt

by ChemOrbis Editorial Team -
  • 21/08/2015 (16:09)
According to media reports, Iran has asked India to pay its $6.5 billion oil debt within the following two months. The debt is mostly related to India’s purchases of the Iranian oil. The debts were incurred due to international sanctions which made it difficult for India to transmit its payments to Iran.

India’s payment will be 45% in rupees through UCO Bank in the form of goods and commodities while the rest of the payment, due in dollars or euros, are currently tied up in the banking system waiting for the relaxation of sanctions before payments can be transferred.

For new payments in rupees, however, Iran is planning to open a new account at a different Indian bank so that future payments can be made to an interest-bearing account.
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