India ‘likely’ to abolish rials-rupee trade agreement with Iran

TEHRAN, Jul. 13 (MNA) – In the wake of US pressures, India will likely cancel rials-rupee trade agreement with Iran, which was inked three years ago.

According to the informed sources, India tries its utmost effort to receive sanctions waiver from US for its important project in Iran’s Chabahar Port.

Since Iran had been put under sanctions by the United States, Iran and India signed a deal almost three years ago with the aim of paying Iranian oil in rupee.

Currently, India tries to attract the attention of US government due to the political issues, based on which, the Asian country has declined oil import from Iran and increased import of products from US as much as twofold.

The informed sources announced that India expects US officials to hold direct talks with Indian authorities with regard to outcomes of re-imposition of sanctions on Iran.

Following the US pressure, Indian government intends to retreat from dollarless trade pact as inked with Iran a couple of years ago.

For this purpose, US government has asked its allies to minimize their oil import from Iran.

Under such circumstances, India expects US to consider the significance of Chabahar Port which can ease business ties between India and Afghanistan.

It is reported that US will likely grant waiver to Indian government for the development of Chabahar Port.

Rial-rupee treaty had been designed and orchestrated by Indian government for paying oil money to Iran and it was a mechanism that India could pay Iran’s oil fund in sanctions period.

The first and second rounds of US sanctions against Iran will be put into effect on August 6 and Nov. 4, 2018 respectively.

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News Code 135626

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