Venezuela, whose oil output is falling under pressure from United States sanctions, is offering a discount on oil sales paid for by using the "petro".
External Affairs Minister Sushma Swaraj on Monday held wide-ranging talks with her Iranian counterpart Javad Zarif. "We [India and Iran] have had very good relations in the past and we expect to continue these relations", he told ANI ahead of his meeting with Swaraj.
Earlier, on Monday, Swaraj had said that India will continue trading with Iran and Venezuela despite U.S. sanctions against the two countries, asserting that it only recognises United Nations restrictions.
Iran is the second largest supplier of crude oil to India, supplying more than 425,000 barrels of oil per day, and India is one of the biggest foreign investors in Iran's oil and gas industry.
"Our foreign policy is not directed to appease or come under any kind of pressure from any country and also it is not reactionary", Foreign Minister Swaraj emphatically said during the press conference. Prime Minister Modi visited Tehran in May 2016 with an aim to craft a strategic relationship with Iran and expand India's ties with West Asia.
During her bilateral meeting with her Iranian counterpart in the evening, the two sides discussed the U.S. pullout from the JCPOA.
"The external affairs minister conveyed that all parties to the agreement should engage constructively for peaceful resolution of the issues that have arisen with respect to the agreement", a statement from the ministry said after Swaraj met Zarif. The two sides positively assessed the implementation of decisions taken during the visit of President Rouhani to India.
India has other interests in Iran, in particular a commitment to build the port of Chabahar on the Gulf of Oman. According to the MEA, India-Iran bilateral trade during the 2016-17 fiscal was United States dollars 12.89 billion.
"The Reserve Bank of India disallows trading in cryptocurrency, so we will not trade in cryptocurrency".