India, Iran agree to clear US $ 6.4 billion via European banks

Q.  India and which country have agreed to clear US $6.4 billion via European banks to process pending oil payments?
- Published on 09 May 16

a. Saudi Arabia
b. Iran
c. Iraq
d. UAE

ANSWER: Iran
 
India and Iran have agreed to clear US $ 6.4 billion in oil payments via the European banks. Central banks of India and Iran have reached an agreement to use European banks to process pending oil payments to Tehran. Unlocking USD 6.4 billion in stalled funds, the way was cleared for global banking channels after sanctions had been imposed on Iran in 2011 over its nuclear programme. These sanctions were eased in January.

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