(MENAFN) Iran is expecting an evident lift of the sanctions, and as a result, many doors has opened for economic growth opportunities, India for one is will be among the first to do business with oil rich country.
India will pay Iran USD700 million in the next few days to wipe more than one-tenth of the outstanding oil dues, which is small portion of the USD6.5 billion total oil dues, to be paid by the Reserve Bank of India (RBI).
The payments are being made after the July nuclear deal that Tehran struck with Western powers, allowing for termination of sanctions, moreover, the remaining money would be settled in portions after payment channels are cleared.
The refiners will soon deposit the USD700 million with RBI which will transmit the money to Iran, and it's worth mentioning that 45 percent of the oil import bill is paid in rupees in a UCO Bank branch and the rest has accumulated.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.