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.

Iran is sending its Central Bank Vice Governor, Gholamali Kamyab, to India this month in order to re-claim nearly $6b in past oil dues from Indian refiners such as Essar Oil, Mangalore Refinery and Petrochemicals Ltd (MRPL) and to resettle current disputes over exchange rate mechanisms.