Iranian Deputy Foreign Minister for Political Affairs, Ali Bagheri on Sunday said that his country wants to use Indian Rupee and Iranian Rial to boost trade and economic exchanges and added Tehran also prioritise the supply of crude oil to New Delhi, if it allows it.
Speaking to news agency ANI on Sunday, he underscored that increased investment from India at the Chabahar would advance the completion of the port. "Any increase in the investment by the Indian party could play an important role in the advances, the progress and the completion of the Chabahar Port. We welcome any initiative by India for further investment in this project," said Bagheri.
He emphasised that since Iran is the biggest oil supplier in the world, it is ready to give priority to India if the Indian Government also shows "willingness". "We, as one of the biggest suppliers of oil in the world, are ready to give special priority to India but India should show willingness," he said.
Iran wants to trade in Indian currency
On the trade, he said that it is on the Iranian Government's agenda that the trade between the two countries takes place in the national currencies of India and Iran.
"This is on our agenda, using our national currencies in our trade, commercial and economic exchanges particularly the example of India. We have made good progress in this...Hopefully, this could take new momentum and we could see widespread use of our national currencies in this process," the Iranian Deputy Foreign Minister said.
Earlier, Iran’s Secretary of the Supreme National Security Council (SNSC) Ali Shamkhani, in a meeting with National Security Advisor of India Ajit Doval in Tehran, called for increased use of the rial and rupee in trade. "Hope that having meetings with the high-ranking officials and authorities of both countries and also the meeting of the Joint Economic Commission could help us with this process and could give new momentum to expedite this process as much as possible in the use of our national currencies in our trade and in our economic exchanges," added Bagheri.
Russia remains India's favourite destination for oil purchase
It is worth mentioning Russia emerged as the largest single supplier of crude oil to India ever since the brutal Ukraine war escalated in February last year. Earlier, Iraq and Saudi Arabia were its primary suppliers in the past decade, as well as the UAE and the US. However, since Moscow offered oil at a discounted rate, it remained on the top list for the eighth consecutive month in June.
Earlier in March, Iran reiterated India to buy crude oil from Tehran as it purchased from Russia by evading Western pressure. The Ambassador of Iran to India, praised New Delhi's effort to continue buying oil from Moscow, keeping in mind the benefit of the Indian economy and people. He asserted buying oil from Iran is in favour of New Delhi. "As India resisted the pressure for buying oil from Russia, we believe that India could and we hope that for the benefit of the Indian economy and people, the Indian government will start importing oil," said Elahi.
