Iran will exchange oil for humanitarian goods (food, medicine, medical equipment) from India. 45% of the barter worth up to $100 million a month will be conducted in rupees using the UCO Bank account (55% in euros for sums greater than $100 million), RIA Novosti reports.
India has been paying for Iranian oil in euros, the rest in rupees, since July 2011. Iran has opened an account with the UCO Bank. 55% of the deal is paid in euros, the rest in rupees.
