India's exporters have begun receiving the first rupee payments from Iran, Indian
government and trade sources said on Thursday, kicking off a
mechanism to skirt Western sanctions which have made doing
business with Tehran tougher.
About $3 billion in Iranian import arrears have accumulated
since December 2010 when a previous payment conduit was closed
under pressure from Washington, which is using sanctions to try
to stop Tehran's contentious nuclear programme.
Payments to Indian exporters are being remitted through
Iran's Bank Parsian which has opened an account with India's UCO
bank, the sources said. Bank Parsian is among private Iranian
banks that are free from sanctions against Iran's state-owned
banks.
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