From Asia Times Online
"India's attempts to pay for Iranian oil in rupees may not succeed easily, despite widespread press reports that such a mechanism has been established. Iran is responsible for 12% of India's imported oil and over the past two years India has struggled to find a mechanism to pay for this, its efforts complicated by United States, European Union and United Nations sanctions against Tehran.
In December 2010, the Reserve Bank of India dismantled a settlement mechanism denominated in dollars and euros that had facilitated the annual payments of US$9.5 billion for Delhi's oil imports from Tehran."
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