logo-mehrmass

Iran, India mulling over Rial-Rupee trade to withstand U.S. sanctions

Iran, India mulling over Rial-Rupee trade to withstand U.S. sanctions

TEHRAN – Iran and India are discussing Rial-Rupee trade to keep the bilateral trade between the two countries after the U.S. imposes new sanctions on Iran.

According to Sputnik, Iranian Foreign Minister Mohammad Javad Zarif and his Indian counterpart Sushma Swaraj held talks in New Delhi on various regional and international issues on Monday.

The two sides also exchanged views on a further expansion of ties in banking, energy, trade, insurance, shipping, use of national currencies, Chabahar projects and Chabahar-Zahedan railway.

The officials also discussed Trump’s plan to withdraw from the 2015 Iran nuclear deal.

Swaraj said “all parties to the agreement should engage constructively for peaceful resolution of the issues,” a statement issued by India’s Ministry of External Affairs read.

Iran is India’s third-largest oil supplier. India’s private, as well as public sector, oil refiners are heavily dependent on Iranian crude.

During the economic sanctions against Tehran laid out by the Obama administration in 2012, India and Iran had to make alternative arrangements, including barter system.

India imported $10.5 billion worth of goods, mainly crude oil, and exported commodities worth $2.4 billion.