Connect with us


India Starts Clearing Massive Oil Debts of Iran After UCO Bank Hiccups



India has commenced repaying their oil debt to Iran under a new payment scheme. Earlier, US had reimposed sanctions on Tehran blaming the Islamic Nation for nuclear proliferation and endangering the region.

Sittwe Port in Myanmar To Be Under Indian Operational Control After Chabahar

The news comes after the Indian government intervened recently to exempt some $1.5 billion of Iranian oil money held at state-owned UCO Bank from withholding taxes. The development also coincided with a visit by Iranian Foreign Minister Mohammad Javad Zarif to India.

UCO Bank “received a good amount from some oil companies” which have pending payments to Iran, its executive director Charan Singh told Reuters.

India is Iran’s second-biggest oil importer after China. Oil accounted for about 90%  of Indian imports from Iran, which totalled approximately $11 USD billion between April and November.

“Iran has been and will be a reliable source of oil supply to India,” Zarif said on Monday as he arrived in New Delhi to take part in an annual research forum attended by economists and entrepreneurs. India was among the eight countries which got US waivers late last year to continue crude oil imports from Iran for six months.

Indian refiners have said they want to continue buying Iranian oil for which they are accorded free shipping and an extended credit period. They also pay Iran all in rupees under a new transaction mechanism which Tehran has worked out with its trade partners in the face of dawdling by the EU to put a much-hyped special purpose vehicle into operation.

Trading partners such as India, Russia, China and Turkey have agreed to use national currencies in transactions with Iran. India settled 45% of oil payments in rupees and the remainder in euros in the previous round of sanctions but this time it has been allowed to make all payments in rupees.

Iran will use the money to import Indian goods and pay its diplomatic staff based in that country. Indian Union Minister Nitin Gadkari said on Tuesday his country can provide steel rails and locomotive engines to Iran, and receive urea in return.

More News at EurAsian Times





S400-VS-F35 S400-VS-F35
Americas9 hours ago

Is The UAE Threatening To Opt For Russian Su-57 Jets Over US’ Stealth F-35 Warplanes??

The United Arab Emirates (UAE) has warned that if the US refuses to supply it with F-35 and MQ-9 Reaper...

india-russia india-russia
Featured10 hours ago

Indian, Russian Navy Hold PASSEX Exercise In The Eastern Indian Ocean Region

On the occasion of Navy Day, the Indian Navy is conducting a passage exercise (PASSEX) with the Russian Navy in...

Pakistan-Turkey-Relations Pakistan-Turkey-Relations
Featured12 hours ago

After Backing Pakistan on Kashmir, Is Turkey’s Erdogan Hiring Syrian Mercenaries To Fight In The Valley?

For some time now, Turkey has been making attempts to grow its influence among the Muslims in South Asia in...

iran-israel iran-israel
Featured13 hours ago

Assassination Of Top Iranian Scientist Will Complicate Relations Between The US & Iran: Joe Biden

Joe Biden, the next President of the United States said the assassination of Iranian nuclear scientist Mohsen Fakhrizadeh is likely...

Asia Pacific15 hours ago

From Rafales, Su-30 MKIs & Tejas, Why Next-Gen BrahMos Missile Can Be A Game-Changer For The Indian Air Force?

Amid the border row with China, the Indian armed forces successfully test-fired the BrahMos supersonic cruise missiles in the past...

India-Pak-War-1971 India-Pak-War-1971
Asia Pacific17 hours ago

What Did Indira Gandhi Tell Naval Chief Before Indian Navy Bombed Karachi Port In 1971 War?

India marks 4 December as Navy Day to commemorate the Indian Navy’s attack on the Karachi port during the 1971...

Asia Pacific18 hours ago

Indian Navy To Counter Chinese Swarm Drones With New Guns That Can ‘Smash’ UAVs

Countries across the globe are looking for innovative ideas to check the menace of small drones or small unmanned aerial...

Featured19 hours ago

Eurofighter Typhoons ‘Soar & Roar’ In Qatar As Royal Air Force Conducts Drills With Emiri Air Force

The British Royal Air Force and Qatar Emiri Air Force, for the first time in history, have come together for...

imran-khan imran-khan
Asia Pacific19 hours ago

Not India, Former ISI Chief Hints At UAE, Saudi Arabia Being The Biggest Threat To Pakistan

Durrani said that Pakistan is not threatened by India but is mired with its internal problems, including political instability and...

EurAsian Region21 hours ago

Russia, Pakistan To Be First Buyers Of Turkey’s Mobile Anti-Drone System That Can Smell UAVs From 5000 Meters

As Turkey is gradually emerging as a drone superpower, its key allies Russia and Pakistan have shown tremendous interest in...