Iran to Sell Oil to India in Euro

Iran to Sell Oil to India in Euro

Iran will receive euro payments for its oil exports to India, and the sales in rupees will stop, the Central Bank of Iran (CBI) announced,  Hellenic Shipping News informed.

According to Iran Daily, Executive Director for International Affairs at the National Iranian Oil Company (NIOC), Seyed Mohsen Ghamsari, denied allegations that Tehran mulled banning crude oil sales to India altogether. He added that “CBI holds the primary responsibility for collection of receivables from the sale of Iranian crude oil,” and the NIOC cannot determine the currency for oil payments. 

Ghamsari noted that India is supposed to pay for the shipping costs, unlike in the sanction context, when the NIOC undertook the cost of the insurance and transport of oil to the Asian country. Under the new contracts, buyers of Iranian crude are required to pay the shipping costs themselves. In line with this, India’s Minister of Petroleum and Natural Gas, Dharmendra Pradhan, urged Indian refiners to take proper measures to accommodate imports of the Iranian crude oil.


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