Iran has said that it is willing to look into India’s energy security. India’s trade with Iran fell after sanctions were re-imposed on Iran. Before that, Iran was the second-largest supplier of crude to India. Also, the trade between the two nations dropped from $17 billion to $2 billion owing to sanctions.
Speaking on the subject, Ali Chegeni, Iran’s ambassador to India, said that both the nations can trade in their respective currencies. He added that Rupee-Rial trading could cut intermediary costs, and bilateral trade can grow up to $30 billion.
In the past, both countries had established a barter-like system. India used to make payments for the oil to its local banks, and Iran would use them to pay for its imports from India. Now, with negotiations on lifting sanctions on Iran is showing positive signs, bilateral trade between the countries could resume to its earlier levels.