Indian refineries bought a record 27.2 million tons of Iranian crude oil in the past financial year, which wrapped up in March 2018.
India plans to make some oil payments to Iran in rupees in a bid to avoid US economic pressure on Tehran, according to several Indian government sources. Another source said that India’s Central Bank is yet to make a final decision on returning to the rupee payments for Iranian oil.
During a meeting with his Iranian counterpart, Javad Zarif, late last month, Indian Foreign Minister Sushma Swaraj pointed out that his country would ignore US trade sanctions against Iran.
“India will comply with UN sanctions and not any country-specific sanctions,” he stressed.
In May 2018, President Donald Trump announced Washington’s withdrawal from the 2015 Iran nuclear deal and ordered the re-imposition of US anti-Iranian sanctions, including those related to the oil sector, will be effective as of November 4.
______________________________________________________________________
Source: NY Times
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult with an expert before taking a decision based on the information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
