Bloomberg, 9 Feb 2012 – India’s external affairs ministry has proposed paying for Iranian crude imports with wheat exports to the Persian Gulf nation, the Economic Times reported, citing an unidentified person with knowledge of the development.

No such proposal has been received by the food ministry, Food Minister K.V. Thomas told the newspaper.

The two countries are seeking a solution for payment for India’s crude oil imports from the Islamic Republic amid escalating economic and financial sanctions against Iran.