India Pays Iran for Oil in Rupees, Euros Payment Route Lost

Reuters reported that because of the sanctions imposed on Iran earlier this month, India is paying for Iran oil only in rupees, leaving Tehran struggling to use the Indian currency which has limited international acceptability and can only be used to buy non-sanctioned goods and services from the country.

As quoted in the market news:

Turkey’s Halkbank had been handling payments for Iranian oil in euros from India since July 2011 after other conduits were choked by earlier sanctions, but the latest U.S. measures effectively prevent this, bankers said.

Click here to read the full Reuters report.