mo4ch:>India to switch from dollar to rupee to pay for Iranian oil | Mo4ch News
New Delhi and Tehran sealed an agreement to switch to a rupee payment mechanism to pay for Iranian crude imports, according to a Reuters source. It said half of those payments will be used for exporting items to Tehran.India’s state-owned UCO Bank is expected to announce the new payment mechanism in the next 10 days, the source said.“An agreement had been signed by the Indian and Iranian governments on November 2, 2018, for oil payment in rupees and 50 percent of those funds had been earmarked for exports,” said an Indian government document viewed by the media.Also on rt.comUS agrees to grant India waiver from Iran sanctions… for the time beingRussian and Chinese shipping companies were pitching to facilitate India-Iran trade, the source said.After US President Donald Trump withdrew from the 2015 nuclear accord with Iran in May and re-imposed economic sanctions, he warned that any countries or companies that conduct transactions with Tehran could face secondary sanctions.READ MORE: I…