Royal Dutch Shell has paid $1.94b it owed to the National Iranian Oil Company, settling debts after sanctions against the country were lifted in January, Trade Arabia reported.

Iran reclaimed its money over the past three weeks in euros as dollar transactions are still under US sanctions, Arabian Oil and Gas reported. The delay of the Shell payment was due to the economic sanctions that were imposed on the country over its nuclear program.

In addition, Shell has confirmed its interest in future collaboration stating that the company can support Iran in developing its energy potential within the boundaries of applicable laws.

Meanwhile, Iran has sought to settle oil debts with other oil companies and oil importing countries in attempt to revive its economy. Tehran has recently confirmed an upcoming official visit by its Central Bank Vice Governor to New Delhi in order to re-claim nearly $6b in past oil dues from Indian refiners.