Iran, India oil payment-row heats up

Central bankers of both nations meet today

NEW DELHI: A payments dispute between India and Iran escalated after Tehran refused to sell oil to India under New Delhi’s prohibitive new rules, sources on both sides said on Wednesday.

The Indian sources said officials from the central banks of the two countries will meet on Friday (today) as Iran seeks to rescue trade worth around $12 billion (£7.7 billion) a year, at risk from rising US pressure on countries trading with Iran to abandon all dealings.
Last week, the Reserve Bank of India said deals with Iran must be settled outside the Asian Clearing Union (ACU) system, used by central banks of member nations to settle bilateral trades.

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