Iran to agree oil payments with India by Tuesday

May 30, 2011 | Government & Regulations

Mahmoud_Ahmadinejad

Iran hopes to resolve a payments issue with India over oil shipments by tomorrow, the country’s envoy to India, Seyed Mahdi Nabizadeh, said on Monday.

A delegation from Iran is in New Delhi to try to work out a way for the Asian country to pay for its oil imports after the Reserve Bank of India unilaterally discontinued a regional payment mechanism with the Iranian central bank at the end of last year under U.S. pressure.