Iran Economy NewsBank deal may solve India-Iran oil pay impasse-media

Bank deal may solve India-Iran oil pay impasse-media

-

Reuters: India’s government will likely resolve a payment impasse with Tehran for buying Iranian crude by having Indian companies to open rupee accounts in Union Bank of India, local media in India reported on Thursday.

NEW YORK, July 28 (Reuters) – India’s government will likely resolve a payment impasse with Tehran for buying Iranian crude by having Indian companies to open rupee accounts in Union Bank of India, local media in India reported on Thursday.

Iranian officials will likely travel to India this weekend to discuss the deal, which would see Union bank make payments to Halk Bank in Turkey, the Business Standard online reported in an item with a New Delhi dateline.

India and Iran have failed since December to find ways for New Delhi to pay for imports, after India’s central bank stopped payments through the Asian Clearing Union (ACU) mechanism.

There is no ban against buying Iranian crude, but sanctions have made financing trade with Iran tough.

The central bank’s move won praise from Washington and came close on the heels of a visit to India by U.S. President Barack Obama last year. Obama has endorsed India’s bid for a permanent seat on the U.N. Security Council.

The United States and its allies aim to isolate Iran to halt its nuclear program, which they say is to develop weapons. Iran says it needs nuclear power supplies.

Iran normally supplies about 12 percent of India’s total oil demand of 3.46 million barrels per day (bpd), but several refiners have sought supples from Saudi Arabia for August to make up for the lack of Iranian crude.

Latest news

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Iran’s Regime Continues Its Internet Restriction Project

This is part of the outlook of a document by the Iranian regime’s Supreme Council of Cyberspace, which has...

Iran’s Human Development Index Dropped Sharply

One of the most common questions asked in primary schools by teachers all over the world is, “wealth or...

Must read

Syria blast ‘linked to chemical weapons’, included Iranians: report

AFP: Iranian engineers were among those killed in a...

In the polls: American people and the Iran Deal

London, 15 Sep - US President Barack Obama’s policy...

You might also likeRELATED
Recommended to you