India is ready to repay $6.5 billion debt to Iran for the purchase of crude oil. According to the Financial Express, an Indian news agency, after Iran’s nuclear agreement, India is pondering to repay its debts. During the period of sanctions against Iran, the country still supplied India even with long payment schedules. An Indian official told Financial Express that “the final deal would take some months to roll out. Till then, India would look to put in place a payment mechanism. We are waiting for Tehran to respond.” MRPL, Essar Oil and IOC were the three Indian refiners that purchased Iran’s oil but could not forward the cash due to anti-Iran sanctions. India is the world’s fourth country with the highest amount of oil consumption, most of which is imported from China and Iran. India had to repay Iran with goods like basmati rice, and the sanctions led the country to limit its imports to 13.14 mt in 2012-13 compared with 18.11 mt in 2011-12.