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US Sanctions Loom: Iran oil ? India to go back to payment in rupees

The government is looking to revive its rupee payment mechanism for crude oil supplies from Iran in view of the impending sanctions by the US on the Persian Gulf country.?We are keeping all options open given the challenges we may face during the sanctions,? said a government official.India imports around 10% of its crude oil requirement from Iran and the Islamic nation is the third-largest supplier to India. For 2018-19, India has a target of importing 21 million tonne of crude from Iran.US President Donald Trump has decided to withdraw from JCPOA, also called the Iran Nuclear Agreement, which was agreed upon in 2015 under which the Tehran was to curb its nuclear programmes in return of lifting of financial sanctions.The UK, France, Germany, Russia and China are also parties to JCPOA, and these countries are yet to take a call on whether to go with the US decision.
Source: Latest News

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