Dubai: The government has approached Turkey’s Halkbank to facilitate a charge of $6.5 billion to Iran, which it owes for crude oil imports, Iran’s Fars news business enterprise quoted India’s ambassador to Tehran as saying on Saturday.
“The Indian government is in search of to pay the $6.5 billion debt and is trying to put together the banking activities. The receiving financial institution for this cash may be Turkey’s Halkbank, and the money might be paid in euros,” Fars quoted Saurabh Kumar as pronouncing.
Halkbank officers were now not without delay available for remark.
India is one among the largest customers of Iranian crude, and is ready to import as a minimum 400,000 barrels in line with day (bpd) from Iran within the 12 months from April 1, however built up a backlog of bills whilst Iran changed into below sanctions.
on the grounds that maximum international sanctions on Iran were lifted in January, India has reached an settlement to send payments to Iran thru european banks, India’s oil minister told Reuters closing week.
although most regulations on Iran had been lifted, america maintains a few sanctions and a exchange embargo. this indicates banks can’t use the dollar for any deals with Iran, even as US banks are barred from doing business outright.
at the same time as america embargo does not in concept save you non-US banks from managing Iran, in fact many remain hesitant to do so because they faced hefty fines inside the past and are wary of america sanctions that remain in region.