A dispute with India over payments for Iranian crude oil has been resolved, Iranian Foreign Ministry Spokesman Ramin Mehmanparast said stressing there is no legal problem in this regard, Press TV reported.
"There is no legal problem regarding oil trade [with India]. Even the illegal sanction of the United Nations Security Council does not include Iran's trade transactions of oil and gas," Mehmanparast said.
"Determining how to receive oil and gas payments requires technical calculation and an agreement on the part of the two countries [of Iran and India]. An ambiguity had briefly emerged, but the issue was resolved once specialist meetings were held," he added.
There is a technical formula on how to transfer payments for Iranian crude oil, the Iranian spokesman emphasized.
In February, Iran and India agreed to set up a new mechanism to route oil payments through the Hamburg-based European-Iranian Trade Bank AG (EIH Bank).
On April 7, Germany rebuffed excessive pressure by the United States and the European Union to close down the EIH Bank, arguing that it has no proof of illegal activity.
The German Foreign Ministry spokesman Andreas Peschke said that the EIH Bank will continue its activities in the European country.
Iran's Central Bank Governor Mahmoud Bahmani also stated last Wednesday that EIH will continue its financial transactions despite pressures from the US.
Meanwhile, Iran's Minister of Economic Affairs and Finance Shamseddin Hosseini said Monday that the oil dispute with India had been resolved.
"About the payment for oil bought from Iran by India, a problem was created for a bank by the German central bank, which has been solved by negotiations with Indian and German officials," Hosseini said.
India imported 21.3 million tons of crude oil from Iran from March 21, 2009 to March 21, 2010.
In June, 2010, the UN Security Council imposed a fourth round of sanctions against Iran's nuclear program.
Resolutions adopted by the UN Security Council, as well as additional unilateral sanctions approved by the U.S. Congress and the foreign ministers of all EU countries, were primarily directed against the banking, financial and energy sectors of Iran.
Restrictions imposed by the EU include the ban on the sale of equipment, technologies and services to Iran's energy sector; the same measure refers to the refining industry. New investments in Iran's energy sector have also been also prohibited as a whole.
Iran has repeatedly stated that its nuclear program is for peaceful purposes of providing energy, but many other countries contend that it is seeking to develop nuclear weapons.