Latest GK GS

Updated By: LatestGKGS Desk

India signs agreement with Iran to pay crude oil bill in rupee



India signs an agreement with Iran to pay crude oil bill in rupee: Details, Highlights

India on 6th December 2018, signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees.

Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).

These funds would be earmarked for settling payments for exports of Indian goods to Iran. 

The Memorandum of Understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state in November.

Under U.S. sanctions, India can export foodgrains, medicines and medical devices to Iran. India had won the exemption after it agreed to cut imports and escrow payments.


Capital: Tehran

Official Language: Persian

Currency: Rial

Supreme Leader: Ali Khamenei

President: Hassan Rouhani




Latest India And Iran Updates

» India-Iran & Afghanistan first trilateral meeting on Chabahar port project

» Indian Politics: Indian foreign relationship with Iran History, Features

» India and Iran Relations History, Features, Importance for Indian Foreign Policy

» India and China Sign Protocol for export of fish meal & fish oil to China