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.