Despite sanctions, Indian refiners start paying for Iranian oil in rupees


India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil.

India, the world's third-biggest oil importer, wants to continue buying oil from Iran as it offers free shipping and an extended credit period, while Iran will use the rupee funds to mostly pay for imports from India. "Today.

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