How does India pay Iran for oil?

New Delhi: India will import crude oil from Iran using a rupee-based payment mechanism, an industry person involved in discussions told Reuters on Thursday, adding that 50\% of those payments will be used for exporting items to Tehran.

How much oil does India get from Iran?

In 2013-14 and 2014-15, India bought 11 million tonnes and 10.95 million tonnes, respectively from it. Sourcing from Iran increased to 12.7 million tonnes in 2015-16, giving it the sixth spot. In the following year, the Iranian supplies jumped to 27.2 million tonnes to catapult it to the third spot.

Can India export to Iran?

Indian exports to Iran Other agricultural exports to Iran include barley, sesamum seeds, cane sugar, and oil cake etc. In FY19, India’s export basket to Iran was valued at US$3.5 billion and in the first 10 months of FY20, this value stood at US$2.8 billion.

Is India buying oil from Iran in rupees?

NEW DELHI (Reuters) – India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil.

Can India buy oil from Iran?

India will resume buying crude oil from Iran once the US sanctions are eased, an Indian Oil Corporation (IOC) executive on Thursday said, adding Iranian crude was beneficial for Indian refineries.

What is the currency of Iran?

Iranian rial
Iran/Currencies

Which country buys oil from Iran?

SINGAPORE/Rio de Janeiro, Brazil April 14 (Reuters) – China’s record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe.