Iran General NewsJapan banks unlikely to settle India-Iran oil payments

Japan banks unlikely to settle India-Iran oil payments

-

Reuters: Japan is unlikely to allow India to use Japanese banks to provide a clearing house mechanism for India to pay for Iranian oil imports, Japan’s deputy foreign minister told Reuters on Tuesday.

NEW DELHI, June 7 (Reuters) – Japan is unlikely to allow India to use Japanese banks to provide a clearing house mechanism for India to pay for Iranian oil imports, Japan’s deputy foreign minister told Reuters on Tuesday.

Iran has offered India various options to end an impasse on payments, including a choice of currencies and paying on a cargo-by-cargo basis, after India’s central bank scrapped a long-standing payment system in December under pressure from the United States.

“I do not think so,” Shinichi Nishimiya, deputy foreign minister of Japan said when asked whether Japan would allow its banks to process the payments.

He said Japan would follow global sanctions against Iran, which stands accused by western powers of pursuing a nuclear weapons programme. Iran denies the charge.

Iran is India’s second-biggest supplier for crude after Saudi Arabia, exporting about 400,000 barrels per day or 12 percent of the fast-growing Asian country’s needs in trade worth some $12 billion a year.

India’s outstanding debts to Iran for oil stood at about $2 billion at the end of May. (Reporting by Henry Foy; Editing by Krittivas Mukherjee)

 

Latest news

Iran’s Government Plays Hopscotch With the JCPOA

For about four months, nuclear negotiations over Iran’s nuclear file have been stopped. Meanwhile, with the start of Ebrahim...

FATF Rules for Iranian Government To Remain on Their Blacklist

Following meetings that took place on October 19 – 21, the Financial Action Task Force (FATF) has decided to...

Iran: Livelihood Basket of Workers and Retirees Is Not Filled Even With Second Jobs

The hard livelihoods of workers and social security retirees is an issue that Iran’s officials are ignoring easily, while...

Iran’s Poverty “Monitoring System” Has Become Worthless

Ali Rabii, the Minister of Cooperatives, Labour, and Social Welfare of Iran’s previous government, in 2018 informed about the...

Iran’s Severe Political Isolation and Foreign Trade Impasse

Peyman Pak, Head of Iran’s Trade Development Organization, in a TV interview with the state Channel One on October...

Iran: Women Heads of Households Are Victims of the Mullahs

In Iran over the past three years, Iran’s women heads of households have endured exhausting pressures in various social,...

Must read

Russia says gave Iran no ultimatum on enrichment

Reuters: Russia on Tuesday denied a report that senior...

Italy’s Iran Deal Ignores Human Rights in Iran

By Hamid Yazdan Panah This past week Italian Prime...

You might also likeRELATED
Recommended to you