Sanctions working? Iran defaults on payments to India
Default prompts head of the All India Rice Exporters' Association to call on members to stop rice exports to Iran based on credit.
By Reuters

Iranian buyers have defaulted on payments for about 200,000 tons of rice from their top supplier India, exporters and rice millers said on Tuesday, a sign of the mounting pressure on Tehran from a new wave of Western sanctions. The default prompted the head of the All India Rice Exporters' Association to call on members to stop rice exports to Iran based on credit, which would be a fresh blow to a country where imports of staple foods are already being hampered by sanctions.

"It is a serious issue and we do not rule out further payment defaults by Iran," said Vijay Setia, the association's president. Indian sources said the Iranian buyers had defaulted on payments worth about e144 million for rice shipments under long-term supply deals. Iran shipped the cargoes from Indian ports in October and November. Most Indian rice exporters allow 90 days credit. Iran relies on imports for about 45 pct of its annual rice consumption of 2.9 million tons, according to U.S. Department of Agriculture data.

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