Economy India does not recognise unilateral US sanctions on Iran, only follows UN sanctions, says Sushma Swaraj Updated : May 29, 2018 06:43 AM IST India-Iran bilateral trade during the 2016-17 fiscal was $12.89 billion. ndia imported $10.5 billion worth of goods, mainly crude oil, and exported commodities worth $2.4 billion. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.