The Reserve Bank of India, the country’s central bank, has demanded Iran to accept revenues for sales of its oil to India through European banks. The National Iranian Oil Company and the Central Bank of Iran (CBI) have refused the request, insisting that the Indian payments must continue being processed through the Asia Clearing Union system. At jeopardy is $12 billion annual oil sale to India.
The CBI has requested a meeting with its Indian counterpart to settle the dispute. There are reports that the talks will take place on Friday in Mumbai.