Iran asks India to pay $1.5 billion of oil sale debts

Tehran, Feb 21, IRNA – Tehran has asked New Delhi to pay its $1.5 billion of its oil debts to Iran in accordance with terms of Iran-P5+1 Geneva agreement, media reports said.

The Geneva agreement permits Iran to receive $4.2 billion of its oil sales money from various countries, the Asian news agencies reported.

The Indian officials have still not reacted to the issue, but if the matter will be confirmed, India will be the third major client of the Iranian oil next to Japan and South Korea that will pay its oil import debt to Iran as per the Geneva agreement.

According to media reports, Indiaˈs oil imports debt to Iran is around three billion dollars, the rest of which is deposited in Indian rupees in an account in Yoko Bank.

The India industrial sources have said that the countryˈs refineries have made moves aimed at reviving the previous method for paying Iranˈs oil money through Turkeyˈs Hulk Bank, but Iran probably demands receiving its debt in its own Central Bank account, either in Switzerland, or in Germany.

Iran has asked India for $1.5 billion in back oil payments under the nuclear deal that provides Tehran some relief from Western sanctions, Indian sources with direct knowledge of the matter said on Thursday.

By IRNA

 

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