Press Information Bureau

Government of India

Ministry of Commerce & Industry

16-May-2012 15:50 IST

Export to Iran Despite US and Eurozone sanctions

India exports goods to Iran in accordance with its international obligations of United Nations sanctions on Iran. Major items of India’s export to Iran include agriculture commodities and textiles.

US and Eurozone sanctions on Iran have the potential to disrupt India’s trade with Iran.

Rial -Rupee payment arrangements have been put in place for bilateral trade between India and Iran.

This information was given by the Minister of State for Commerce and Industry, Shri Jyotiraditya M. Scindia in a written reply in the Rajya Sabha today.

DS/GK

Sanctions compliance: India's exports to Iran proceed under UN obligations with a rial rupee payment mechanism to mitigate disruption. India conducts exports to Iran in accordance with United Nations sanctions, permitting trade in specified goods such as agricultural commodities and textiles. Recognising the disruptive potential of US and Eurozone unilateral sanctions, the Government has implemented a rial rupee payment arrangement as a bilateral settlement mechanism to enable permitted trade while aiming to remain within international obligations.