Iran will not be complying with the “fully illegal” US sanctions, Iranian Oil Minister Bijan Zanganeh said on Thursday, in yet another defiant statement from Tehran after the American sanctions on Iran’s oil and shipping industry snapped back in early November. “We believe that we should not comply with the illegal sanctions against Iran,” Reuters […]

India has begun paying Iran for oil in rupees, Reuters reported quoting an Indian senior bank official as saying on Tuesday. It is the first such payment since the United States imposed new sanctions against Iran in November. The U.S. has given a six-month waiver to eight countries including India for imports of Iranian oil. […]

“The plan on amending domestic banking system is being investigated comprehensively and will become operational after getting prepared,” the governor of the Central Bank of Iran (CBI) announced in social media. According to Abdolnaser Hemmati, CBI’s Money and Credit Council has approved two major foreign currency exchange mechanisms, the first is formation of ‘an organized […]

Turkey has resumed imports of Iranian crude oil under the U.S. sanctions waiver, according to the trading and shipping sources. The country restarted oil imports from Iran after a one-month stop in November when U.S. sanctions on Iran were reimposed, Reuters reported on Tuesday. Turkey used to import about 200,000 barres per day (bpd) of […]

 Iran’s Trade and Promotion Organization (TPO) plans to dispatch a trade and marketing delegation to Japan in early March. The delegates active in the agriculture and food sectors are to visit the 44th International Exhibition of Food and Beverages (Foodex 2019) which is planned to be held at Makuhari Messe in Japan during March 5-8, […]

 India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil after the US unilaterally withdrew from the […]

 Head of Iran’s Tea Organization Habib Jahansaz said Iran has exported about 13000 tons of tea worth $17 million during the first nine months of the current Iranian year (March 21-Dec. 21, 2018). Speaking to IRIB on Tuesday, Jahansaz said the government purchased about 112,000 tons of fresh tea leaves from local farmers in the north of Iran; […]

One of Iran’s main economic policies, under the framework of the sixth five-year development plan, is modification of banking system and reformation of monetary policies, moving forward toward which the Rouhani administration put forward the plan to shift the national currency from Rial to Toman earlier in December 2016 by eliminating specific number of zeroes. […]

 India has started its commercial activities in Iran’s southeastern port of Chabahar, the Indian government said on Monday, Economic Times reported. “The Government of India took over the operations of a part of Shahid Beheshti Port, Chabahar, in Iran during the Chabahar Trilateral Agreement meeting held there on December 24, 2018,” the Indian Shipping Ministry […]

 Minister of Road, Transport and Highways Sh. Nitin Gadkari announced the Indian government has allowed an Iranian bank to open a branch in Mumbai. Iran’s Bank Pasargad will open its branch within the next three months, Gadkari said on Tuesday, after a meeting with Iran’s Foreign Minister Javad Zarif in New Delhi. Gadkari termed his […]