No More Barrier to Trade with Iran in Euros: Diplomat

A ranking Iranian diplomat said there are no more limits on the country’s financial transactions with foreign banks in euros, a clear sign of which was India’s recent move to clear part of its debts to Iran in euros through a Turkish bank.

“Restrictions on our country’s banking transactions in euros have been removed,” Hamid Baeedinejad, the director general for political and international affairs at Iran’s Foreign Ministry said in a post at a social network.

Hailing the developments in Iran’s financial interaction in recent days, the diplomat said India’s move to pay the first installment of its outstanding oil debts to Iran via an account in Turkey demonstrates that restrictions on transferring large sums of money and exchanging that money, for example Indian rupee to euro, have been lifted.

According to a recent report by the Business Standard, Indian refiners have cleared part of their $6.5 billion debt to Iran in euros through Turkey’s Halkbank.

It was the first payment to Iran by India since the removal of anti-Tehran sanctions.

The sanctions were terminated after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), and started implementing it on January 16.