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
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