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India To Pay For Iranian Oil In Rupees

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India will only pay for Iranian oil with foreign currency until July 2012, when European Union sanctions take effect, and after that it will pay in rupees.

Bloomberg reports that India will try to avoid international sanctions on trade with Iran by using the rupee as the currency of payment.

The report indicates that the current transactions between Iran and India are made through the Turkish based Turkiye Halk Bankasi AS, which has warned Indian refiners that it may be unable to act as intermediary when EU sanctions take effect.

India, Iran’s second-largest oil consumer, has indicated that it is willing to continue trade with Iran despite the international sanctions imposed on Iran over its nuclear disputes.

The United States has warned consumers of Iranian oil, including China and India, that it wants to see “detailed plans for cutting oil imports from Iran” or else they will become subject to U.S. financial sanctions.

Radio Zamaneh

Since 2006 Radio Zamaneh has successfully facilitated Persian writers, Islamic scholars, prominent Iranians and personalities at the heart of Iranian culture to provide their views and thoughts.

One thought on “India To Pay For Iranian Oil In Rupees

  • March 29, 2012 at 1:48 pm
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    Better late than never; a step however belated does not vitiate its value.This step had to be taken very much earlier when USA was seeking to become ideological economic super power strategically impairing all other developing countries.If all countries affected by US sanctions take one step to boycott dollar what happens to US dollar? who cares dollar, we have other currencies in exchange.Dollar is already history and American dreams are more than history.history.

    Reply

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