Responding to another question on India's plan of action in the face of impending U.S. sanctions on Venezuela, Swaraj said India would not be opting to trade with Venezuela using their local cryptocurrency 'petro.' The Reserve Bank of India had issued an order against the use of cryptocurrency, she said.
The threat of US sanctions has prompted Russian oil giant Lukoil to put its plans to develop projects in Iran on hold while the Indian company that owns the world's largest oil refining complex plans to stop buying oil from Iran, Reuters reported on May 30.
Speaking with Tasnim, a news agency affiliated with the Islamic Revolutionary Guards Corps (IRGC), Mohammad Javad Zarif said on May 26, "The report claiming that the European Union plans to put forward a proposal to Iran outside of the framework of JCPOA and start talks about Iran's missile power and regional influence is a complete lie".
Media reports have speculated India could revive a rupee-rial payment arrangement with Iran to shield exporters from the heat of USA sanctions.
U.N. Security Council to meet on Gaza rocket firings on Israel
The media must cease its mendacious coverage blaming Israel for Gaza violence, which rewards Hamas for its barbaric tactics. Kuwait has circulated a draft UN Security Council resolution on setting up an global protection mission for Palestinians.
However, Swaraj emphasized that India rejects "reactionary" policies and will not be dictated to by other countries.
India continued to trade with Iran during previous sanctions but had to cut oil imports as the sanctions choked off banking channels and insurance cover for tankers.
As for Saarc minus Pakistan, she said the South Asian bloc would not remain a grouping if a country went out.
According to the External Affairs Ministry, India-Iran bilateral trade during the 2016-17 fiscal was $12.89 billion. India is looking at developing Iran's Chabahar port as a gateway to enter landlocked Afghanistan and Central Asia bypassing Pakistan.
The Iranian foreign minister said Iran and India are resolved to expand their ties in all fields, adding the two sides have agreed to establish special committees to explore ways to expand their mutual relations in the wake of USA sanctions.
And while Predator Drones may be crucial if and when deployed for anti-terror operations targeted at Pakistan, it is reported that the need for S-400 missile shield is no less important and can be crucial in strengthening India's air defence abilities - especially along the Sino-Indian border.
In a statement issued after Ms. Swaraj's meeting with Mr. Zarif on Monday, the MEA said the Ministers had "positively assessed the implementation of decisions taken during the visit of President Rouhani to India..."