Iran to India: Pay suppliers of food, medicines with oil euros


Iran now wants to get back its euros owed by India through a new channel. It wants New Delhi to pay the money that Tehran owes to third countries for purchase of food, medicines and medical equipment.

With nuclear talks between Iran and P5+1 (the US, Britain, France, China, Russia and Germany) going slow, Tehran has approached New Delhi for allowing third country exports of humanitarian goods for drawing down the $3.6 billion accumulated balance on account of India’s oil imports.

India is set to pay Iran $1.65 billion under an interim nuclear deal that eases sanctions on Tehran and gives it access to $4.2 billion in blocked funds. As long as Tehran complies with the terms of its preliminary pact with P5+1, Iran receives some of its funds abroad frozen with various buyers over six months.

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