India deposits oil payment in Iran central bank account

March 04, 2014 - 1:07:30 pm

NEW DELHI: India has deposited some of the money owed for oil imported from Iran in a Central Bank of Iran (CBI) account, Iranian oil ministry news service Shana reported a senior official as saying on Tuesday.

Indian officials said late last month that they were ready to pay $1.5 billion to clear part of a backlog of payments for shipments of oil following the partial easing of Western sanctions on Tehran. 

It is not clear how much money India has now deposited in a CBI account outside Iran. 

But Mohsen Qamsari, head of international affairs at the National Iranian Oil Company, told Shana that India had paid 45 percent of the money in Indian rupees and 55 percent in euros.

He said the money would be transferred to CBI accounts inside Iran soon. (Reuters)