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India, Iran agree to clear US$6.4b in oil payments via European banks

Buyers of oil could not use global banking channels during sanctions

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OIL MONEY: Mr Pradhan says European banks will be dealing with Iranian banks and India will have to pay the European banks involved in the deal.

New Delhi

THE central banks of India and Iran have reached an arrangement to use European banks to process pending oil payments to Teheran, India's Oil Minister, Dharmendra Pradhan, told Reuters, unlocking US$6.4 billion in stalled funds.

Buyers of Iranian oil were prevented from