India, Iran agree to clear £4.4 blllion in oil payments via European banks – minister


The central banks of India and Iran have reached an arrangement to use European banks to process pending oil payments to Tehran, said India’s Oil Minister Dharmendra Pradhan, unlocking £4.4 billion in stalled funds. Buyers of Iranian oil were prevented from using global banking channels to clear their transactions after sanctions were imposed on Iran in 2011 over its nuclear programme. With the end of those sanctions in January, after an agreement to curb the programme, Iran is finally gaining needed access to the funds. Iran hopes the money will revive its moribund economy and raise Iranian living standards as…

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