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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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 using global banking channels to clear their transactions after sanctions were imposed on Iran in 2011 over its nuclear programme. With the end of those sanctions in January, after an agreement to curb the programme, Iran is finally gaining needed access to the funds.
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