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

Iran’s 2023 Budget Shrouded In Doubt

On January 22, the Majlis (parliament) approved the draft of the 2023 budget bill proposed by regime president Ebrahim...

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Must read

Lord Maginnis: Freedom or oppression – defining responsibility

Epolitix: Writing for PoliticsHome, Lord Maginnis calls on the...

Guard led 3 Americans across Iran border, released hiker says

New York Times: The three American hikers accused of...

You might also likeRELATED
Recommended to you