Basmati exporters hold shipments to Iran fearing payment defaults

Exporters pin hope on new government, seek clarity on import-export with Iran

With no let-up in the US sanctions on Iran and the prolonged standoff only getting worse by the day, Indian basmati exporters are holding on their shipments to Iran, fearing payment defaults or delays.

The lack of clarity on future exports and imports from Iran, coupled with growing uncertainty over payment terms going forward, have made the exporters jittery of meeting their export commitments with counterparts in Iran.

“Unless there is new agreement with the Iranian government on export terms, we've decided to put shipments on hold as there are chances of defaults and money getting stuck,” Kohinoor Foods joint