Sanctions do not affect Iran-India trade transactions: Indian FM
IRNA - Islamic Republic News Agency
New Delhi, March 23, IRNA -- Indian Minister of External Affairs SM Krishna said that New Delhi is currently holding talks with Iran on a guarantee for uninterrupted export of Iran's crude oil to India and also settling the issue of payments between two countries.
Minister Krishna made the remarks in response to a question by India's upper parliament,
The Indian minister said that the sanctions imposed by the US and EU do not influence the volume of trade transactions between Iran and India.
Krishna wrote to the Indian parliament that the government will study the problems arising from imposing sanctions on Iran.
The Department of State had warned on Tuesday that 12 countries, including India and China are facing financial penalties for continuing their purchase of crude from Iran.
The US also announced that it will not impose sanctions on Japan and 10 EU member-states for reducing their import of crude from Iran.
India imports 12 million tons (equal to more than 10 percent of its imported crude) of crude oil from Iran every year.
In the meantime, the executive director of Federation of India's Export Organizations Ajay Sahi said on Thursday that the Indian is intending to double its export of agricultural and pharmaceutical products to Iran.
'The West's sanctions against Iran provide the Indian exporters with suitable opportunities for filling the shortage of export of their products to Iran. We hope that the value of trade transactions with Iran will reach USD six billion during next fiscal year,' Sahi added.
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Islamic Republic News Agency/IRNA NewsCode: 80049170
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