Goodbye Rupee? Iran Tells India to Pay for Oil in Euro

Sunday, April 10, 2016
By Paul Martin

Iran has stopped selling oil to India for rupees and now demands payment in euros only, Shana news agency citied Iran’s Oil Minister Bijan Zangeneh as saying on Saturday.

“From now on, Iran will trade oil only in euros,” Bijan Zanganeh told reports on the sidelines of Iran-India business conference at Tehran Chamber of Commerce.

Earlier, Tehran and New Delhi inked new contracts for additional Iranian oil exports to India with Minister Zanganeh saying that Tehran was ready to increase oil exports to India.

“We hope that India’s imports of oil from Iran will increase now that the sanctions have been removed,” Bijan Zanganeh told his visiting Indian counterpart Dharmendra Pradhan in Tehran.

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