Iran and India could consider a bilateral trade arrangement if a new mechanism to pay for Iranian oil imports does not work and discussions may have begun, Iran's ambassador to India, Seyed Mahdi Nabizadeh, said on Tuesday.
The two nations have yet to finalise a solution on how to pay for oil after India's central bank said in December payments to Iran could no longer be settled through a long-standing clearing house system run by central banks.
"Both the partners have to agree to this. It is a technical mechanism that they have to discuss," the ambassador told Reuters. He added that he thought discussions had begun.
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