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India Moves to Use National Currency in Oil Trade With Iran

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Indian refineries bought a record 27.2 million tons of Iranian crude oil in the past financial year, which wrapped up in March 2018.

India plans to make some oil payments to Iran in rupees in a bid to avoid US economic pressure on Tehran, according to several Indian government sources. Another source said that India’s Central Bank is yet to make a final decision on returning to the rupee payments for Iranian oil.

During a meeting with his Iranian counterpart, Javad Zarif, late last month, Indian Foreign Minister Sushma Swaraj pointed out that his country would ignore US trade sanctions against Iran.

“India will comply with UN sanctions and not any country-specific sanctions,” he stressed.

In May 2018, President Donald Trump announced Washington’s withdrawal from the 2015 Iran nuclear deal and ordered the re-imposition of US anti-Iranian sanctions, including those related to the oil sector, will be effective as of November 4.

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Source: NY Times
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