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The Canadian Press - ONLINE EDITION
Iranian envoy says India will pay for oil imports partly in rupees, to avoid Western sanctions
In this Feb. 2, 2012 photo, an Iranian vendor sells pistachio in Tehran's old main bazaar, Iran. THE CANADIAN PRESS/AP, Vahid Salemi
NEW DELHI - Iran's envoy in New Delhi says India will make 45 per cent of payments for Iranian oil in rupees as Western sanctions hinder international bank transactions.
Seyed Mehdi Nabizadeh said Tuesday the central banks of the two countries also agreed Iran would use the currency to buy goods from India.
An Indian external affairs ministry official in New Delhi said he was not aware of the purported agreement. The official who spoke on condition of anonymity said India was exploring all options to ensure oil supplies are not disrupted.
The United States and European Union recently imposed tougher sanctions on Iran over its nuclear program. Past sanctions delayed payments as Indian oil importers have had to scramble to find banks willing to handle transactions with Iran.
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