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India may pay for Iranian oil via Russia
18.12.2011 17:46
India may pay for Iranian oil via Russia

India is studying ways of paying for Iranian oil via Russian banks, says The Economic Times. This decision may be taken by South Asian country in case the Western countries impose sanctions against Iranian oil trade.

India and Iran are experiencing difficulties in search of permanent mechanism of bilateral trade. Especially the situation worsened in 2010, when the Central Bank of India banned transactions though Asian Clearing Union.

India is against of paying Iran in rupees as Tehran may use the Indian currency for speculating on the stock exchange or to invest in acquiring a share at an Indian company.

Iran is one of the major trade partners for India and a key raw oil supplier.

Author: Irina Fomina

Tags: oil     

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