Iran sanctions: India in touch with all stakeholders

22 September, 2018, 18:41 | Author: Eric Barnett
  • Iran Left With Just 2 Oil Clients In India After Firm Cancels Imports

But the actual volumes imported may be far less as companies like Reliance Industries have totally stopped buying oil from Iran and others too are scaling it down in hope of winning a sanction waiver from the US.

UCO Bank and IDBI Bank have been identified to route the payment as the two have no exposure to the United States financial system. America restricted the use of USA dollar against pay Iran from November 1.

New Delhi: India may revert to paying Iran in rupees for the oil it buys from its third largest supplier as United States sanctions will from November 4 block use of USA dollars to settle such trades, a top official said on Thursday.

As the US deadline to halt crude oil import from Iran looms ahead, India is reportedly in talks with the European Union for an alternative channel for making payments to Tehran for buying petroleum products.

Tens of millions of India's citizens are Shiite Muslims.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.

The US has demanded that nations cut all their Iranian oil imports when sanctions on the country's petroleum sector over Tehran's nuclear programme are re-imposed on November 4. India is the second-biggest client of Iran and sources almost one-tenth of its crude supplies from there.

Among the financial pathways under discussion in Brussels and other capitals: Devising an alternative - free from USA influence - to the current electronic system used to transfer money from place to place, European officials told NBC News. It has also been hoping that the U.S. will give it some relief from the sanctions.

India had planned to import about 25 million tons of crude oil from Iran in the current fiscal, up from 22.6 million tons imported in 2017-18.

United States sanctions against Iran come into effect from November 4 and will block banking channels.

India is looking to win waivers, and its Iranian imports this month and next are expected to be 45 percent lower than the average between April and August-360,000 bpd-370,000 bpd for September/October compared to 658,000 bpd for April-August, according to data from trade sources obtained by Reuters.

In 2010, India's central bank ceased using a Tehran-based regional body, the Asian Clearing Union, to handle transactions with Iran.



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