The Wall Street journal ran an article recently in which it was reported that Mr. Rafeegue Ahmed, the president of the Federation of Indian export organization had indicated that such an account was indeed opened with an initial amount equivalent to $500 million and that it was expected to eventually hold $4.5 billion of Iranian oil sales revenue. The WSJ also reported that businesses on both sides had signed deals valued at an estimated $3 billion for shipment of goods, such as "rice, wheat, soy meal and pharmaceutical products".(7)
Perhaps someone should remind the Iranian regime that India happens to be a major pharmaceuticals producer and that the Iranian oil money sitting in Indian banks in local currency is available for medical purchases.
