India to import Iranian crude oil using rupee payment mechanism: Source

India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said. The memorandum of understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5.

Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC). ALSO READ: Opec seeks 'sufficient cut' to prop up.

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