Iran Economy News Iran econ minister says India oil payment row solved

Iran econ minister says India oil payment row solved

-

Reuters: Iran’s economy minister said on Monday a dispute with India over payments for Iranian crude oil had been resolved, the semi-official Fars news agency reported.

TEHRAN, April 11 (Reuters) – Iran’s economy minister said on Monday a dispute with India over payments for Iranian crude oil had been resolved, the semi-official Fars news agency reported.

In a wide-ranging news conference, when asked about the dispute, Shamseddin Hosseini said: “About the payment for oil bought from Iran by India, a problem was created for a bank by the German central bank, which has been solved by negotiations with Indian and German officials.”

The problem of how India pays for the 9 billion euros ($12.96 billion) worth of Iranian crude it imports annually emerged in December when the Reserve Bank of India scrapped a long-standing payments mechanism, a move welcomed by Washington which has lent on governments around the world to squeeze Iran on which it has imposed tight economic sanctions.

In a move to break the impasse, a Hamburg-based bank handling international trade for Iranian companies, EIH, stepped in to handle the payments via Germany. But in early April that payment route was stopped, with one German newspaper saying Chancellor Angela Merkel had instructed the Bundesbank to stop clearing payments from India headed to EIH.

German officials have denied that Merkel had exerted pressure at home or abroad to end the payment scheme.

As recently as last Thursday, Indian officials said no new solution had been found.

Iranian news agency reports of Hosseini’s news conference gave no further details about the solution he said had been found.

India’s imports of about 400,000 barrels per day of oil from Iran have continued despite the lack of payments, on undertakings from state-run oil companies which are long-standing customers.

Asia’s third-largest oil consumer imports over two-thirds of its oil needs and depends heavily on volumes from the Middle East to power its economy, which is growing around 9 percent per year. (Reporting by Hossein Jaseb and Mitra Amiri; Writing by Robin Pomeroy; editing by James Jukwey)

Latest news

Political Rivalries Amplify as More Iranians Go Below Poverty Line

For years, all Iranian factions have promised to improve the living conditions of people but every single time that...

Violence Against Women Still Going Strong in Iran

November 25 was the International Day for the Elimination of Violence against Women, but for Iranian women that is...

Iranian Authorities Use Coronavirus as a Political Reason

In Iran, every political, social, and economic issue becomes a confusing mess. Due to the government's perspectives, all the...

Iran Diplomat on Trial for Terrorism

Friday, November 27, 2020, is a day that will go down in the history books as the first time...

Iranian Officials Deceptively Play with Unemployment Statistics

The Iranian government's corrupt and incompetent officials have presented a new show with their lies about the statistics of...

Mandatory Hijab State-Sponsored Violence Against Women in Iran

The Iranian government's most prevalent form of violence against women is the mandatory hijab. In this respect, 100 percent...

Must read

US says Iranian general key in Afghan heroin trade

AFP: Washington on Wednesday named a general in Iran's...

Iran ‘number one world power’: Ahmadinejad

AFP: President Mahmoud Ahmadinejad declared on Thursday that Iran...

You might also likeRELATED
Recommended to you