New Delhi : The Reserve Bank of India (RBI) will assist Indian refiners to clear over USD 6.5 billion of past dues they owe to Iran for crude oil purchases, a senior official told PTI.
RBI agreed to helping create payment channels to clear the past dues when Finance Secretary Rajiv Mehrishi-led a four member delegation to Tehran last month to discuss modalities of clearing dues.
The central bank agreed to explore options currently available, the official said. After the US and western powers in 2011 blocked payment channels in a bid to bring Iran to the negotiating table over its controversial nuclear programme, RBI had faciliated oil payments to Iran via Turkey. Iran and six world powers last month sealed an accord to curb the Islamic Republic’s nuclear programme in return for ending sanctions. Lifting of sanctions would open up banking channels and Tehran is likely to seek past oil dues. Under US pressure, New Delhi has restricted import of Iranian oil at 11 million tonnes in past two fiscals.
