read more from economic times....
"Sources said all options are on the table to keep access to Iranian oil open, and India is hard at work to resolve the issue of payment for the Iranian oil. Among other things under discussion is a plan to persuade Tehran to accept payment in Indian rupees.
India has been in a fix for the last one year on finding a viable mechanism to pay for Iranian oil after the Reserve Bank of India scrapped the Asian Clearing Union, which served as a clearing house for trading with Iran. For some time, India routed its payments through a German bank and later a Turkish bank, but the US sanctionshave made these options unviable.
China has rejected the US sanctions against Iran and made it clear it will continue to buy Iranian oil.
Apart from its energy needs, India is also determined to keep importing Iranian oil as it does not want to lose influence with Tehran, an important regional player with which it is trying to keep its ties on an even keel."
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