As Iran and New Delhi seek to bypass the incompetent US economic pressure on Tehran, India will reportedly pay for future Iranian oil in rupees.
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Under the deal, the payments for oil will be made through India’s state-run UCO Bank, which has no US exposure. The countries are also discussing the barter-like system to avoid hostile US sanctions.
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The oil trade in US dollars seems to be collapsing this way.
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Iranian FM Mohammad Javad Zarif was on a visit to India last week, where he has met with Indian counterpart Sushma Swaraj.
“During the talks, the two sides also exchanged views on a further expansion of ties in banking, energy, trade, insurance, shipping, use of national currencies, Chabahar projects and Chabahar-Zahedan railway.
Swaraj said that India would ignore the US trade sanctions against Iran. “India will comply with UN sanctions and not any country-specific sanctions!
Iran is India’s third-largest oil supplier. India bought a record 27.2 million tons of oil from Tehran.
RT.com / AA Magnum Oil Trade News 2018.
Another bug in the dollar reserve?
Bye, bye Hegemony.