India waits for Iran to open oil payments route

By REUTERS
December 12, 2013 17:45

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

KOLKATA, India - India is waiting for Iran to tell it how to make payments for oil allowed under last month's deal with global powers on sanctions and will pay in instalments, Reserve Bank of India Deputy Governor H.R. Khan said on Thursday.

Iran can now unlock $4.2 billion of payments for its oil stuck with major clients including India, China, Japan and South Korea after it reached an interim deal with six world powers in November over its nuclear program.

India, Iran's second-biggest customer after China, has been paying for 45 percent of its supplies in rupees and the rest used to be paid in euros through Turkey's Halkbank until sanctions tightened on that route too earlier this year.

Iranian officials have been in India this week looking at ways to unlock the payments.

"Whether the Halkbank route has been opened or not we are not sure," Khan told reporters on the sidelines of the central bank's board meeting here. "Going forward we will evaluate the proposal and see how best it can be done."

Halkbank has said it could resume payments once the Geneva deal becomes "official."

Related Content

Breaking news
July 21, 2018
More than 100 report sexual misconduct by late Ohio State doctor

By REUTERS