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Iranian buyers have defaulted on payments for about 200,000 tonnes of rice from their top supplier India, exporters and rice millers said on Tuesday, a sign of the mounting pressure on Tehran from a new wave of Western sanctions.
Amidst the US sanctions to continue undisrupted crude oil supplies from Iran, India will pay for 45 per cent of its transactions in rupee terms.
Mr Seyed Mehdi Nabizadeh, Iranian Ambassador to India, said that Iran and India have reached a suitable payment mechanism for Iranian oil imports. While 45 per cent of the payment for oil imports from Iran will be made in rupee, the remaining will be through any other mode, he said.
Iran’s central bank has opened an account with Indian banks including UCO Bank to facilitate the payment. As a payment mechanism, he said, Iran can use the rupee returns for buying commodities and products from India.
Indian companies will also invest in projects in Iran, such as developing its oil and gasfields, extraction of iron ore, and building roads and railways.
Iran may also increase its imports of goods from India to settle part of the payments, he said.
United States's concern on the exacerbating confrontation with Iran, and India's perceived reticence to join in the US-led paranoia against Teheran, was on full display during the nomination hearing of career diplomat Nancy J Powell to be the next American ambassador to New Delhi.
The ranking Republican on the powerful Senate Foreign Relations Committee, Senator Richard Lugar, fired the first salvo when he told Powell, "In recent days, press reports indicate that India's Oil and Natural Gas Corporation has come under pressure to finalise a service contract for natural gas production with Iran," and asked her for her "thoughts on an Indian company's involvement in Iran's energy sector, particularly something of this significance?"
Powell, being the quintessential diplomat, and attempting to be as circumspect as possible, replied, "Iran and India have a long tradition of trade across energy and other fields. It is one that is clearly a part of our sanctions regime, that we are hoping to see it significantly reduced."
Originally posted by Pervius
The US froze Billions of the Iranian/Chinese assets.
All Iran has to do is issue India a piece of paper giving them rights to the money being held by America. India would turn to the US and demand that Iranian money.....US would say no....
So India could say ok.....we'll wait for you to pay us....we assess 45% interest per year on this amount. Take your time.
Could also be a factor on why India dropped their plans to buy the F-35.....Could end up putting India on China's side....could you imagine that?
Iran relies on imports for about 45 pct of its annual rice consumption of 2.9 million tonnes, according to U.S. Dept. of Agriculture data.
Originally posted by Xcathdra
reply to post by xXxinfidelxXx
Some truth to what you are saying.. however in this case we need to remeber that a large chunk of population in Iran aren't all that happy with the domestic side of things, especially after the last election.
The people were also a bit torqued that Ahmadenijad was essentially putting the program over the people and economy. They were upset about the confrontational choices and the effect it had on them.
I could see the people of Iran holding more protests if this drags out...
Originally posted by harryhaller
How is this exclusive?
Plastered over every single mainstream news service in the world?
Not even alternative news, never mind exclusive. No star no flag.