India set to pay for Iranian oil using rupees from November

India Will Import Iranian Oil; In Talks With EU Over Payment Option

Chennai Petroleum's reduced demand will further cut India's imports from Iran to about 10 million tons in October, lower than previous estimates reported by Reuters.

However, Trump made a decision to withdraw Washington from the deal earlier this year and re-impose sanctions on Iran.

Given the above issue, South Korean companies did not cut their trade and business cooperation with the Iranian economic enterprises in sanctions period, the ambassador reiterated.

US President Donald Trump had in May withdrawn from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the Persian Gulf nation.

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.

This has forced the refiner to cancel a scheduled loading of 1 million barrels in October, they said.

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But customers were still complaining that there is an issue with the app, even though the bank said it was working normally. Others took to Twitter to complain with one claiming to have lost £4,800 and another saying he needed cash to buy food.

Also, with the new U.S. fresh sanctions, there have been concerns in New Delhi as India is heavily reliant on Iran for crude oil imports.

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

Nayara Energy is also preparing to halt Iranian imports from November, while Reliance Industries and HPCL-Mittal Energy Ltd have already stopped buying Iranian oil. Reportedly, Iran is the third largest producer of among OPEC (Organization of the Petroleum Exporting Countries).

Till now, the 28-country bloc has not put forward a compact proposal for making payments to Iran for buying of oil. The rupee-rial arrangement was used to purchase oil from Iran before sanctions were lifted against it three years ago.

At present, Indian companies are using Euro payment mechanism of the State Bank of India and Germany-based Europaeisch-Iranische Handelsbank AG. The remaining 45 per cent payment was remitted in rupees in accounts Iranian oil companies had with the UCO Bank.

"Reinsurers have said they cannot provide full 100 percent cover". It was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but Western sanctions over its suspected nuclear programme relegated it to the seventh spot in the subsequent years. The liability and costs associated with successful transit are paid by the seller until the goods are received by the buyer.

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