India is looking for ways to continue its oil imports from Iran even as it readies a rupee payment mechanism for oil imports from the Islamic Republic, reported The Economic Times.
According to the report, India is trying to set up a rupee based paying mechanism for Iranian oil imports without triggering sanctions.
India had earlier employed a similar system using UCO Bank during the last sanctions against Iran, the report said. The payment was, as per the report used by Iran partly to buy food, drugs and chemicals from India.
The country is still hopeful of making a deal with the US that could prevent an abrupt end of the supply.
During the last Iran sanctions, US had allowed India to import certain quantity for which the payments were made in the rupee.
According to the report, officials didn’t say if the companies will be able to, or want to, use the rupee payment mechanism without the waiver because that could mean antagonising the US.
First Published: IST