India will continue paying for Iranian oil in hard currency until 1 July when the EU sanctions against Iran’s financial sector goes in full effect. Beyond that date, India is ready to pay in rupees, Bloomberg and Press TV reported today.
New Delhi’s rupee payments to Iran will be deposited in the Indian state-run UCO bank, which does not have US operations and is unlikely to be affected by the global sanctions, the Indian oil sources told Bloomberg.
India currently imports $9 billion worth of Iranian oil and $2 billion in other goods annually while exporting $2.7 billion worth of goods to Iran.
File Photo: India's Rupees