Reuters: India is exploring the option of paying for Iranian oil imports through Russian banks, a senior government source said on Thursday.
NEW DELHI Dec 15 (Reuters) – India is exploring the option of paying for Iranian oil imports through Russian banks, a senior government source said on Thursday.
“This is being considered in light of sanctions being considered (against Iranian oil trade) by some countries,” said the source, who asked not to be named.
India and Iran have been struggling to find a permanent mechanism to settle their bilateral trade, especially since last year when India’s central bank scrapped a clearing house mechanism — a move welcomed by the United States, which is trying to isolate Tehran over its nuclear programme.
Iran is India’s second-biggest oil supplier after Saudi Arabia and exports total about $12 billion a year, meeting about 12 percent of India’s import needs.
(Reporting by Krittivas Mukherjee)
