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India looks to revive rupee payment mechanism for Iran oil imports

NEW DELHI: India is looking to revive a rupee trade mechanism to settle part of its oil payments to Iran, fearing ch
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By Parvez JabriReuters

NEW DELHI: India is looking to revive a rupee trade mechanism to settle part of its oil payments to Iran, fearing channels to pay Tehran might choke under pressure from US sanctions, a government source said on Friday.

President Donald Trump said in early May that the United States would walk away from an international nuclear deal with Iran and impose renewed US economic sanctions on Tehran.

Some sanctions take effect after a 90-day "wind-down" period ending on Aug. 6, and the rest, notably affecting the petroleum sector, after a 180-day period ending on Nov. 4.

Copyright Reuters, 2018

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