India, Iran to settle oil row

An Iranian oil ministry official says that the problem in the way of trading oil with India has been resolved through switching the currency used in transactions.

According to a senior Iranian official, by switching the currency from the dollar and euro, the problem the US government was trying to create was resolved and there is no obstruction in the way of Iran’s oil exports to India.

“A total of 10 to 11 Asian countries are currently engaged in barter trade within the framework of the Asian Clearing Union system,” Iranian deputy Oil Minister for International Affairs Ahmad Khaledi said.

Khaledi pointed out that there has been no halt in Iran’s oil export to India.

“For settling the remainder of payment of revenues to Iran, we are currently using a currency other than dollar and euro and there is no problem in this regard,” he added.

Khaledi noted that the US government exerted pressure on India to halt the purchase of Iran’s oil.

“India really needs Iran’s oil and do not want to lose [the possibility of] buying our oil,” he added.

The secretariat of the Asian Clearing Union is located inside the Central Bank of Iran.