India, Iran reach arrangement on oil payments

  • India has reached an arrangement with Iran for payment for crude oil imports as US and European Union sanctions disrupted regular payment.Iranian ambassador to India Syed Mehdi Nabizadeh reported that Indian Oil companies would pay for 45 per cent of the crude imported from Iran in rupees.
  • The Iranian ambassador said, the two countries had agreed to find a mechanism for payment of the remaining 55 per cent. Nabizadeh said that sanctions by the United States would not hurt Iran's relations with India. Iran contributes about 12 per cent of India's oil imports. 
  • The two countries had been trying to find ways to pay for imports after US and Europe Union imposed sanctions on Iran over its disputed nuclear programme.

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