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India Aims To Sign Deal With Tehran For Crude Oil Payments In Rupees: Sources

India, which got a waiver from the latest tougher US sanctions against Tehran on Monday (5), used a similar mechanism in the previous round of sanctions but settled only 45 per cent of the payments in rupees (Photo: INDRANIL MUKHERJEE/AFP/Getty Images).

By: Radhakrishna N S

India aims to sign an initial agreement with Iran this month to settle all their crude oil trade in rupees through India’s UCO Bank, two Indian government sources said. “We have to do some paperwork. It should be signed as early as possible. We are aiming for this month,” one of the sources said. India, which got a waiver from the latest tougher US sanctions against Tehran on Monday (5), used a similar mechanism in the previous round of sanctions but settled only 45 per cent of the payments in rupees. Iran used the funds to import goods from India,…

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