SearchIran asks India to settle all oil payment in rupees - sources - Yahoo! News

Iran asks India to settle all oil payment in rupees - sources - Yahoo! News...
news.yahoo.com 11/07/2013 News

Keywords:#Delhi, #European_Union, #India, #Iran, #Iranian, #News.yahoo.com, #Reuters, #Tehran, #Turkey, #Yahoo

NEW DELHI (Reuters) - Iran has asked India to settle all oil trade including $1.53 billion owed to Tehran in the partly convertible rupee as the sanctions-hit nation cannot find an alternative payment channel, industry and government sources in Delhi said.

India has been paying for 45 percent of its Iranian oil imports in rupees, which has limited international acceptability, and was settling the remainder in euros through Turkey's Halkbank (HALKB.IS), but this was halted in February under pressure from tighter western sanctions.

The U.S. and European Union slapped sanctions on Iran to block oil revenues over its disputed nuclear programme, which they suspect aims to build weapons. Iran denies this claim. From Yahoo! News: By Nidhi Verma NEW DELHI (Reuters) - Iran has asked India to settle all oil trade including $1.53 billion owed to Tehran in the partly convertible rupee as the sanctions-hit nation cannot find an alternative ......

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