BREAKING NEWS

Report: India is considering wheat exports to Iran

By REUTERS

MAY 18, 2012 13:29

NEW DELHI - India is considering wheat exports to Iran, a government source said on Friday, as New Delhi hopes to boost exports to the sanctions-hit nation to help settle part of its oil imports bill through a bilateral mechanism.

An Iranian trade delegation will come to India next week to discuss wheat exports, the source added, without elaborating on the likely payment mechanism for sales to Iran.

Food shipments are not targeted under Western sanctions, but Iranian companies have been cut off from much of the global banking system because of the financial measures against Tehran, making payments difficult and discouraging traders.

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