Chennai Petroleum cancels Iran oil imports

The rupee has depreciated about 12% year-to-date against the US dollar

The remaining 45% payment was paid in rupees in accounts Iranian oil companies had with the UCO Bank.

The US has demanded that nations cut all their Iranian oil imports when sanctions on the country's petroleum sector over Tehran's nuclear programme are re-imposed on November 4.

Earlier, India was looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of USA sanctions.

In its report meant for USA lawmakers to take informed decision, the CRS said India and Iran have overlapping histories and civilisations, and they are aligned on several strategic issues. It was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11.

The CRS said some projects that India has pursued in Iran involve not only economic issues but national strategy. "We have to mutually decide the number", said the first source.

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Among the financial pathways under discussion in Brussels and other capitals: Devising an alternative - free from US influence - to the current electronic system used to transfer money from place to place, European officials told NBC News. The countries' diplomats say they fear the play will backfire, allowing Iran to blame an outside entity for the country's issues.

The administration also is complaining that European countries are not respecting sanctions, but still, the United States continues to work with allies.

India has already begun shipping wheat to Afghanistan through this new port.

They said the European Union has been telling India that it was in the process of coming out with a payment mechanism as using United States dollars for oil transaction will be restricted post-November 4 when the U.S. sanctions come into force. Some sanctions took effect on August 6, while those affecting the oil and banking sectors will start from November 4. Oil refiners such as state-owned Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals (MRPL) could use UCO Bank or IDBI Bank to route oil payments to Iran, the official added. New Delhi has said that technical configuration of many refiners makes it dependent on Iran.

Crude exports at 1.6 million bpd are down by around 35 percent compared to Iran's peak 2.5 million bpd exports in April, just before the USA announced it was slapping sanctions back on Tehran.

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