Iran Crude Oil Payment Set To Be Resolved Soon.

Oil supplies from Iran will not be disrupted as New Delhi and Tehran are set to resolve the stalemate over payments for crude oil imports. The two countries are exploring a new conduit outside the Asian Clearing Unit (ACU) to facilitate payments, a senior finance ministry official said.

The issue of setting up a new payment system was discussed when a delegation of senior officials from India visited Tehran earlier this month. The official said that the discussion has reached the last leg and the ball is now in the court of Iran, who has to decide the banks to facilitate payment. He said the issue would be resolved shortly, much earlier than March end, and India is comfortable to trade with any convertible currency.

The Reserve Bank of India had last month directed that imports of oil and gas from Iran should be settled outside the ACU, a regional payment mechanism between nine nations, including India and Iran.

Source : indianexpress.com