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.
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.
The oil trade in US dollars seems to be collapsing this way.

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. / AA Magnum Oil Trade News 2018.

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Loko Loko
Loko Loko
14-03-21 10:49

Another bug in the dollar reserve?