PTI – Iran has agreed to take payments for oil it sells to India entirely in rupees after US and western sanctions blocked all other payment routes.
India has been, since July 2011, 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 through Turkey ceased from February 6 this year but the rupee payments for 45 percent of the purchases continued through Uco Bank, government sources said. Iran explored taking 55 percent payments in Russian Rouble and other currencies but the payment routes could not be finalised due sanctions against the Persian Gulf nation.
Sources said Iran has now agreed to take all of their payment in Indian rupees.