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India to Buy Oil from Iran Despite US Sanctions
October 29, 2018
Although the US is strongly discouraging India to import oil from sanctions-hit Iran, the centre has decided to purchase oil from the nation along with Russian and Venezuela nonetheless. This is mainly to create a rupee-based trading system with these countries and minimize exposure to the US dollar.
Petroleum and Natural Gas Minister Dharmendra Pradhan said that two major oil refineries in India have already placed orders for crude oil with Iran for November.
Indian Oil Corporation chairman Sanjiv Singh said India is looking to pay for Iranian oil in Indian rupees.
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