Iran says discussing ways to access $6 billion oil cash from India

Iran is discussing setting up new banking channels that will allow its central bank to access $6 billion that India owes it for importing oil, Minister of Petroleum Bijan Zangeneh was quoted as saying by the Shana news agency.

Speaking on the sidelines of Iran-India business conference at Tehran on the weekend, Zangeneh told reporters that Tehran and New Delhi are in talks to add two more banking channels to the current one so that it could get the oil money stuck in Indian banks..

“The Indian side has announced it would immediately repay its debts to Iran once the channel is open,” he said, adding that debts will be paid in Euros and not in goods as was the practice before nucler sanctions on Tehran were lifted earlier this year.

 

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