India pays USD 550 mn of oil dues to Iran

An Iranian oil tanker (file photo)

India has paid a second installment of USD 550 million of oil payments to Iran.

New Delhi made the payment on Tuesday under the terms of an interim nuclear deal between Tehran and the six world powers, which allows the release of over four billion dollars of blocked Iranian funds globally.

Indian industry and government sources said the country cleared the first installment of USD 550 million pending oil payments to Tehran on June 26.

India is among Asia’s major importers of energy and relies on the Islamic Republic to meet a portion of its energy requirements.

Iran and the five permanent members of the UN Security Council — the US, France, Britain, Russia, China — plus Germany reached an interim deal on Tehran’s nuclear energy program in the Swiss city of Geneva on November 24, 2013. The six-month deal took effect on January 20.

Under the Geneva deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

The sanctions relief for Iran includes access to USD 4.2 billion of its blocked oil revenues due to be released in eight installments. The latest tranche of payment by India was the sixth such payment.

By Press TV


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