India devises way to bypass US sanctions, pay for Iran oil | WHAT REALLY HAPPENED


India devises way to bypass US sanctions, pay for Iran oil

The government is set to revive an alternative payment mechanism to settle a part of its payments for oil imported for Iran over the next few days in a bid to counter the impact of US sanctions imposed on Tehran.

While one option is to go back to the earlier barter-type arrangement that had the tacit approval of the US, the government is also looking at the option of routing the payment through a third country like Turkey, a senior government official told TOI . A similar arrangement had to be dropped when Iran faced sanctions the last time round, prompting the rupee-Iranian rial arrangement, where UCO Bank played a key role in helping Indian refiners such as MRPL and Essar Oil meet their requirements.

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