Iran agreed to receive oil payments in Indian rupees; Rafsanjani advised Rohani to take measures to resolve Iran’s problems
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  • (JULY 15-21)

    According to reports, Iran has agreed to take payment in Indian rupees for oil it sells to India. Since July 2011, India has been paying in euros to clear 55 percent of its purchases of Iranian oil through Ankara- based Halkbank. The remaining 45 percent due amount was remitted in rupees in accounts Iranian oil company opened in Kolkata-based UCO Bank. Payments in euro ceased due to sanctions but the rupee payments for 45 percent of the purchases continued through UCO Bank. Sources said Iran has now agreed to take all of their payment in Indian rupees. India had in 2012-13 imported 13.14 million tons of crude oil from Iran. Iran can use the revenue accumulated in UCO Bank account to purchase "permissible" services and goods, such as food, medicine and basic medical equipment. 1

    In another development, according to reports, Expediency Council Chairman Akbar Hashemi Rafsanjani has said that Iran can pass through the difficult times by adopting a proper foreign policy and making efforts to protect its national interests. He also lamented the economic losses in recent years due to foreign sanctions on Iran’s oil trade and advised the incoming administration of Hassan Rohani to take measures to resolve Iran’s problems. 2

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