India tries to fix Iran trade payments as Donald Trump hardens line


India tries to fix Iran trade payments as Donald Trump hardens line

India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo.

US President Donald Trump has denounced an agreement between Iran and major powers on its nuclear programme as a bad deal, and his administration has put Tehran “on notice” after the test-firing of a ballistic missile.

Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington that allowed it to make some oil payments to Tehran in rupees through a small state bank, UCO Bank.  Read More…
Credit By: business-standard.com

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