DHAKA: Indian refiners are ready to start transferring cash owed for Iranian oil as early as next week following a landmark deal to curb Teheran’s nuclear programme that allows importers to shift billions of dollars back to Iran.

World powers agreed on Sunday to ease some of the sanctions they had imposed to force Iran to halt its nuclear programme.

The measures have slashed the Opec member’s exports by more than half and cost it as much as US$80 billion in lost oil sales since the beginning of 2012, the White House estimates.

Since February, sanctions have prevented Iran from repatriating cash earned from the oil it has been able to export, crippling its economy by choking off its biggest revenue stream, reports The Straits Times.

BDST: 1623 HRS, NOV 25, 2013