India mulls solution to Iran oil payments: finmin official

Reuters: India is looking at making payments to Iran for oil shipments through the yen, euro and dirham currencies, R. Gopalan, secretary of financial services in India’s finance ministry, told reporters on Tuesday.

NEW DELHI Jan 11 (Reuters) – India is looking at making payments to Iran for oil shipments through the yen, euro and dirham currencies, R. Gopalan, secretary of financial services in India’s finance ministry, told reporters on Tuesday.

He also said an Indian delegation would visit Tehran, the Iranian capital, on Jan. 14.

India is trying to end a payments dispute with Iran, which threatens to disrupt oil supplies after New Delhi fell into line with U.S. and international sanctions targeting Tehran’s nuclear ambitions.

The two nations have so far not been able to find a solution on how New Delhi should pay for oil imports from Iran after India’s central bank said last month that payments to Iran could no longer be settled using a long-standing clearing house system run by regional central banks. (Reporting by Manoj Kumar)