India will start Buying Oil from Iran in Rupees
From November, İndia will start buying oil from Iran in rupees rather than in euros.
India will settle Iranian oil payments with local rupee beginning in November, as US sanctions will make it more difficult to conduct business through European banks.
The sources interviewed by Reuters said that India has selected UCO Bank and IDBI Bank to make the transfers to Iran. Indian refineries are currently using the state-owned Bank of India and Germany-based European-Iranian Handelsbank AG to buy Iranian oil in euros. The SBI will cease its service from November on pressure from US sanctions.
In May, US President Donald Trump withdrew from the nuclear deal with Iran in 2015, ordering the extension of US sanctions. Some sanctions came into effect on 6 August, while those affecting the oil and banking sector will start on 4 November.