Ruling out gold as a mode of payment, Iran yesterday said Indian companies will pay for 45 per cent of their oil imports from Iran in the Indian currency as part of a mechanism agreed between the two countries.
"Both sides are satisfied," Syed Mahdi Nabizadeh, Iran's ambassador to India, told reporters here.
"Gold is not suitable," he replied when asked whether Iran will accept the yellow metal from India as part of payment for Iranian oil as was speculated earlier. Iran could also increase its imports from India to settle part of the payments, he said. With the US and the EU imposing fresh sanctions on Iran, India has been exploring various ways to pay for Iranian oil.
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