India's basmati rice exports to Iran nearly halted amid protests, payment risks, and Trump's 25% tariff threat on Iran-trading nations.

• Suppliers wary of new deals due to non-payment fears from unrest and rial crash; existing shipments unpaid as buyers flee or dispute quantities.
• Iran, top buyer accounting for 12.7% of exports, saw $468M in basmati shipments Apr-Nov 2025-26, but trade down sharply since 2018 peaks.
• Exporters like KRBL urge caution; domestic prices slide as IREF pushes secure payments amid suspended forex subsidies.