Iran has asked India to settle $1.5bn in back oil payments under the nuclear deal that provides Tehran some relief from Western sanctions, Reuters has reported, citing Indian sources with direct knowledge of the matter. Indian refiners are holding about $3bn in payments due the Middle Eastern crude producer, one of the sources said. Other funds owed to Tehran are held in a rupee-denominated account at India’s UCO Bank. If the payments are approved, this could make India the third of Iran’s major buyers, after Japan and South Korea, to start processing frozen back payments.
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