June 24, 2018

India looks to revive rupee payment system for Iran oil imports: government sources

NEW DELHI (Reuters) - India is looking to revive a rupee trade mechanism to settle part of its oil payments to Iran, fearing foreign channels to pay Tehran might choke under pressure from U.S. sanctions, two government sources said.

During a previous round of sanctions, India devised a barter-like scheme acceptable to Washington to allow it to make some oil payments to Tehran in rupees through a small state bank. Iran used the funds to import goods from India. Read more.

Reuters

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