The Indian government will use the escrow accounts of five Iranian banks held with the state-run UCO Bank for oil transactions with Iran, reports Economic Times (ET). This workaround is expected to allow the country to circumvent US sanctions on Iran.
“We already have 15 Iranian bank accounts, out of these five have come under secondary sanctions,” said UCO Bank Managing Director Atul Kumar Goel. However, he added that other ten accounts were fit for conducting bilateral trade between Indian and Iran.
India is the second-largest buyer of oil from Iran, having imported an average of 577,000 barrels a day in 2018. This represents 27 per cent of the country’s total imports. Read More
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