$8.8 billion Iran money blocked in India
‘India owes Iran $8.8 billion which is blocked in a bank account under the US-led sanctions regime, Government spokesman Mohammad Baqer Nobakht has said.
The money has piled up as India keeps purchasing oil from Iran under a nuclear agreement which allows the Islamic Republic to sell around one million barrels per day of crude.
Much of Iran’s oil money is trapped in bank accounts abroad and Nobakht says their release is tied to the removal of economic sanctions.
Iran’s negotiators are currently engaged in rigorous talks with the West to get rid of the sanctions which the country deems “unjust” and “tyrannical”.’
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