(MENAFN) India is more than ready to finally settle its oil dues to Iran as soon as banking requirements are facilitated, according statements from top officials.
A total of USD6.5bn is due to the Islamic Republic, and the money will be paid in euro so there has to be a European bank for this exchange to be fully completed.
Moreover, Iran sold oil to Indian refiners such as Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MRPL) in US dollar prior to the imposed sanctions.
Although Iran insists that nearly all banks have been relinked to SWIFT after the removal of the bans, many firms complain about the hardship they face in trade.
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