Tehran Sets Trade Deals With India Amid Curbs
Wall Street Journal / D. NAYAK And B. MUKHERJI
10-May-2012 (one comment)

An Iranian trade delegation to India has sealed deals to buy shipments of rice, sugar and soybeans from the South Asian country, as part of a plan for Tehran to use such pacts to get around U.S. financial sanctions on its oil shipments.

India has been unable to pay in full for Iranian oil imports because tightened U.S. sanctions have made it difficult to access U.S. dollars for transactions with Iran. Instead, Iran has agreed to accept payment in Indian rupees and sent a trade delegation to India this week to look for goods to buy with the money it earns.

The Iranian trade delegation, which included government officials and representatives from private and state-owned companies, will wrap up its six-day visit Friday. Rafeeque Ahmed, president of the Federation of Indian Export Organisations, said private business groups had negotiated deals on agricultural commodities for shipment starting as early as this month.

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