Iran FM says ‘India committed to buy our oil, continue economic cooperation’

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Iran Foreign Minister Mohammad Javid Zarif, in a meeting with Indian counterpart Sushma Swaraj, at the sidelines of the UN General Assembly said India is committed to continue buying oil and remain steadfast in economic cooperation, Reuters reported.

“Our Indian friends have always been categorical in terms of their intention to continue economic cooperation and (the) import of oil from Iran. And I heard the same statement from my Indian counterpart,” Zarif said when asked if India has given an assurance about continuing with oil imports.

“We have comprehensive cooperation with India and that comprehensive cooperation also includes energy cooperation because Iran has always been a reliable source of energy for India,” Zarif added.

Zarif said Iran wants to expand its bilateral relations with India.

Meanwhile, the European Union and Iran have decided to set up a legal mechanism to enable trade between the two, in a bid to counter growing US sanctions, Al Jazeera reported.

Federica Mogherini, the bloc’s foreign policy chief late on Monday was quoted by AJ that EU will create new payment channels to preserve oil and other business deals with Iran. The announcement took place after the bloc met with foreign ministers from Britain, France, Germany, Russia, China, and Iran on the sidelines of the United Nations General Assembly in New York.

“In practical terms this will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world,” she told reporters after the closed-door meeting.

The EU, along with Russia and China, said in a joint statement that the so-called “Special Purpose Vehicle” will “assist and reassure economic operators pursuing legitimate business with Iran”.

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