As the US sanctions on import of Iranian crude oil loom large, India is engaged with the European Union for an alternative channel for making payments to Tehran for buying petroleum products, sources said on Wednesday.
They said the EU has been been telling India that it was in the process of coming out with a payment mechanism as using US dollars for oil transaction will be restricted post November 4 when the US sanctions come into force.
So far, the 28-nation bloc has not put forward a concrete proposal for making payments to Iran for buying of oil.
India is in touch with both Iran and the US on the complex issue. Read more
Latest posts by The Times Of India (see all)
- Govt drops plan to install 12GW solar capacity through NTPC - December 13, 2018
- Dues not cleared, power to Saifai airstrip snapped again - December 13, 2018
- Govt plans waste-to-energy plants to end Bengaluru’s garbage mess - December 13, 2018