Iranian Trade Minister, Nirmala Sitharaman, said that India still to pay $8.8 billion to Iran for oil imports.

Iran and Western powers are in talks to reach a framework agreement ahead of an end-March deadline to curb Tehran’s most sensitive nuclear activities in exchange for a gradual end to sanctions on the OPEC member.

India refiners settle 45 per cent of Iranian oil payments by depositing rupees in Tehran’s commercial banks’ account with UCO Bank, and withhold the remaining 55 per cent. Iran taps funds in the rupee account to import goods from India.

The balance in Iranian commercial banks’ accounts with UCO BankBSE -1.21 % was 178.955 billion rupees ($2.86 billion) as of March 16 while refiners owed Tehran $5.943 billion as on Feb. 28, Nirmala Sitharaman said on Friday.

Source:customstoday.com.pk