SBI to stop handling Iran oil payments, says IOC
Updated : June 15, 2018 11:59 AM IST
India's oil imports from Iran will be hit from the end of August as the State Bank of India (SBI) has informed refiners it will not handle payments for crude from the Middle Eastern nation from November.
"(Oil) loading will be affected from end-August under the current mechanism unless a new payment route is established," IOC's AK Sharma told Reuters.
Such a move from the Indian state-controlled bank would come after US President Donald Trump pulled out of an international nuclear deal with Iran on May 8 and said he would reimpose sanctions within 180 days.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more