India has worked out a mechanism to make payments to Iran for crude oil imports, a senior government official said Thursday.
India
has
worked out a mechanism to make payments to
Iran
for
crude oil imports, a senior government official said Thursday.
The State Bank of
India
(500112.BY) will make the payments in euros through Hamburg-based
European-Iranian Trade Bank AG, said the official, who declined to be named.
Deutsche Bundesbank
,
Germany
's
central bank, has said the payments through EIH aren't a problem as long as
India
's
government can certify that they are for crude oil purchases, the official
said.
"There was a reluctance on the part of the State Bank of
India
to
transact with EIH. They have been given comfort by the government at the
highest level," the official said, adding that
India
currently has outstanding payments of $2 billion towards
Iran
.
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