Iran Oil Debt to India

INDIA DENIES TO PAY IRAN OIL DEBT

According to the Indian officials, dismissing Iranian media reports it is said that they had not yet paid any oil money to Iran under a deal that provides Tehran some relief from Western sanctions.

Under a landmark deal signed on Nov. 24, Washington and the European Union agreed to let Iran access $ 4.2 billion in oil revenue that had been frozen in accounts abroad. Iranian oil ministry said India had deposited some of the money in a Central Bank of Iran account. He said that 45 percent of the money had been deposited in Indian rupees and 55 percent in Euros.

Indian government and industry sourced told Reuters on Tuesday that India had yet not made any payments. As part of a limited relaxing of sanctions over Iran’s disputed nuclear programme the funds are expected to be paid  in  eight transfers with the first made by Japan on Feb 1. Indian officials said that late last month that they were ready to say $ 1.5 billion to clear part of a backlog of payments following the partial easing of western sanctions on Tehran.