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Iran accepts 45% of India oil sales in rupees: report

Kuwait Times -- Iran has agreed to be paid 45 percent of revenue from its Indian oil exports in rupees, to be deposited with an Indian bank beyond the reach of new US and European sanctions, a report said Thursday.
The two countries have chosen UCO Bank, headquartered in the eastern city of Kolkata, for the rupee transactions to settle part of India's $12.68-billion annual oil bill, The Indian Express reported.
India currently pays for 20 percent of its oil imports from Iran in rupees, with the remainder settled in euros at the Turkish bank, Turkiye Halk Bankasi.
There are concerns that the Turkish route will be closed by tough new European sanctions on oil exports from Iran imposed over the Islamic Republic's disputed nuclear programme.
India has said it will continue to buy crude from Iran despite moves

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Submitted Feb 03, 2012 By: NO_SWEAT

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tomok Champion Author Portland Posts:25,993 Points:1,979,460 Joined:Aug 2006	Message Posted: Feb 4, 2012 9:17:17 PM Ignore tomok Report Abuse Iran accepts 45% of India oil sales in rupees, to be deposited with an Indian bank beyond the reach of US and European sanctions. What people and countries will do to get what they want and not be restricted by others. The price of fuel at the pump is too high! 12/22/2012!
herbiepopnecker Champion Author British Columbia Posts:11,775 Points:2,146,150 Joined:Sep 2005	Message Posted: Feb 3, 2012 8:41:03 PM Ignore herbiepopnecker Report Abuse Good deal for India, screws Iran out of dollars or Euros.
LostToo Champion Author Illinois Posts:3,606 Points:815,800 Joined:May 2009	Message Posted: Feb 3, 2012 6:30:14 PM Ignore LostToo Report Abuse We awt to get us some of those rupees. I never seen one before.
pse91 All-Star Author Calgary Posts:612 Points:278,915 Joined:May 2011	Message Posted: Feb 3, 2012 6:29:59 PM Ignore pse91 Report Abuse Well India needs oil. And it appears they do not care where it comes from. With Iran taking Rupees it means that Iran will be buying local products since no one else is taking Rupees. Maybe a smart move by Iran. But what has India to offer???
B_550i All-Star Author Seattle Posts:720 Points:191,595 Joined:Aug 2011	Message Posted: Feb 3, 2012 6:12:53 PM Ignore B_550i Report Abuse Cool
Ahking Champion Author Orange County Posts:1,986 Points:325,200 Joined:May 2011	Message Posted: Feb 3, 2012 6:11:53 PM Ignore Ahking Report Abuse Then Iran can buy from India meaning India will not support the embargo in more ways than one.
Beaveronparade All-Star Author Hartford Posts:954 Points:290,300 Joined:Mar 2011	Message Posted: Feb 3, 2012 5:55:09 PM Ignore Beaveronparade Report Abuse Great article, very informative. I'd read nothing about this before reading it here. Thank you for posting this.
bonzoonfmb All-Star Author Florida Posts:534 Points:353,475 Joined:Feb 2010	Message Posted: Feb 3, 2012 5:54:42 PM Ignore bonzoonfmb Report Abuse Games countries play.
vibdata Champion Author Massachusetts Posts:2,958 Points:624,735 Joined:Nov 2005	Message Posted: Feb 3, 2012 5:52:32 PM Ignore vibdata Report Abuse Can't have an embargo without co-operating states. So no embargo.
bif65 All-Star Author Virginia Posts:768 Points:135,575 Joined:Jan 2011	Message Posted: Feb 3, 2012 5:50:16 PM Ignore bif65 Report Abuse ok
mstearno Champion Author Dayton Posts:6,346 Points:1,384,510 Joined:Jan 2008	Message Posted: Feb 3, 2012 5:48:25 PM Ignore mstearno Report Abuse despartate?
dennis58 Veteran Author Mississippi Posts:487 Points:233,655 Joined:May 2011	Message Posted: Feb 3, 2012 5:44:33 PM Ignore dennis58 Report Abuse oh well
LasJayhawk All-Star Author Las Vegas Posts:705 Points:228,860 Joined:Apr 2006	Message Posted: Feb 3, 2012 5:42:33 PM Ignore LasJayhawk Report Abuse I would cut off all trade with India, and add a $100 tarrif to every call that goes to a call center in India.
Holly123 Champion Author Charlotte Posts:1,591 Points:436,730 Joined:Dec 2010	Message Posted: Feb 3, 2012 5:40:35 PM Ignore Holly123 Report Abuse A lot of good points made on this topic.
ratones1 Champion Author Los Angeles Posts:1,584 Points:389,780 Joined:Mar 2011	Message Posted: Feb 3, 2012 5:35:31 PM Ignore ratones1 Report Abuse ok...
txkrb All-Star Author Texas Posts:852 Points:310,945 Joined:May 2011	Message Posted: Feb 3, 2012 5:34:16 PM Ignore txkrb Report Abuse India who needs them, let them have Iranian Oil and US should place sanctions on them too, see what happens to their economy then
lightninjack Sophomore Author Ohio Posts:173 Points:13,570 Joined:Dec 2011	Message Posted: Feb 3, 2012 5:29:40 PM Ignore lightninjack Report Abuse So all we need to do is hire a hacker to transfer it to the us...hehe
OKRifle Champion Author Oklahoma City Posts:8,137 Points:1,451,080 Joined:Oct 2007	Message Posted: Feb 3, 2012 5:29:39 PM Ignore OKRifle Report Abuse Screw India! They don't even do a decent job playing tech support for HP!
Bonnie24TX Rookie Author El Paso Posts:36 Points:4,665 Joined:Jan 2012	Message Posted: Feb 3, 2012 5:28:16 PM Ignore Bonnie24TX Report Abuse India is one of Iran's top allies, probably the top one. So much in common besides the oil, such as persecuting Christians and Jews.
a14morfun Champion Author Ontario Posts:9,703 Points:1,725,160 Joined:Jul 2005	Message Posted: Feb 3, 2012 5:24:22 PM Ignore a14morfun Report Abuse This certainly does nothing to raise India's status above the peaks of the holy-cow patties, in my eyes. Nice going there, "Friends." Need it be said that 'with friends like this, who needs enemies?'
hcivic Champion Author Virginia Posts:2,084 Points:1,912,530 Joined:Aug 2005	Message Posted: Feb 3, 2012 5:17:42 PM Ignore hcivic Report Abuse thats nice
clermont40miles Champion Author Cincinnati Posts:8,162 Points:1,408,725 Joined:Apr 2008	Message Posted: Feb 3, 2012 5:13:41 PM Ignore clermont40miles Report Abuse India is not helping matters. No foreign policy so this is what we get. Get rid of the mess in the White House and Senate. The batters up are not encouraging either.
us4usa Champion Author Missouri Posts:4,418 Points:779,085 Joined:May 2008	Message Posted: Feb 3, 2012 5:11:00 PM Ignore us4usa Report Abuse No more exporting beef or cattle to India???
sillywagon Champion Author New York Posts:11,703 Points:1,077,495 Joined:Oct 2008	Message Posted: Feb 3, 2012 5:00:58 PM Ignore sillywagon Report Abuse I guess we have to help the Israelis regarding the nut jobs in Iran.
camel1 Champion Author Minnesota Posts:6,517 Points:1,913,740 Joined:Jul 2006	Message Posted: Feb 3, 2012 5:00:19 PM Ignore camel1 Report Abuse Something had to change from the embargo
kelly1016 Champion Author Victoria Posts:1,086 Points:189,145 Joined:Oct 2011	Message Posted: Feb 3, 2012 4:57:18 PM Ignore kelly1016 Report Abuse That is great world citizenship. India will take advantage of the situation and if sanctions fail...oh well.
LilRedWagonIN Champion Author Indiana Posts:5,922 Points:1,203,375 Joined:Oct 2008	Message Posted: Feb 3, 2012 4:52:43 PM Ignore LilRedWagonIN Report Abuse India should soon be able to negotiate to pay Iran for 95% of its purchases with Bollywood movies and the other 5% in cow dung.
carman11 Champion Author North Carolina Posts:1,443 Points:325,695 Joined:Jun 2011	Message Posted: Feb 3, 2012 4:50:44 PM Ignore carman11 Report Abuse WOW
FrankTA2 Champion Author New York Posts:2,730 Points:749,175 Joined:Jun 2007	Message Posted: Feb 3, 2012 4:47:37 PM Ignore FrankTA2 Report Abuse No more aid for India.
camaro_man All-Star Author Kitchener-Waterloo Posts:596 Points:265,860 Joined:Jun 2010	Message Posted: Feb 3, 2012 4:45:19 PM Ignore camaro_man Report Abuse wow
suzmar Champion Author Texas Posts:1,010 Points:542,295 Joined:Jun 2006	Message Posted: Feb 3, 2012 4:43:48 PM Ignore suzmar Report Abuse Economic sanctions just never seem to work.
postcard9 Veteran Author Massachusetts Posts:340 Points:255,190 Joined:May 2011	Message Posted: Feb 3, 2012 4:42:29 PM Ignore postcard9 Report Abuse $3.53 here.
my2002m Champion Author Tulsa Posts:4,239 Points:1,305,220 Joined:Jul 2008	Message Posted: Feb 3, 2012 4:41:15 PM Ignore my2002m Report Abuse I'm sure there is a good reason for it.
altima2008 Champion Author Philadelphia Posts:6,310 Points:1,374,230 Joined:Apr 2008	Message Posted: Feb 3, 2012 4:39:56 PM Ignore altima2008 Report Abuse what does this have to do with gas prices here?
skyking19 Champion Author Little Rock Posts:1,569 Points:1,418,770 Joined:Jan 2007	Message Posted: Feb 3, 2012 4:32:48 PM Ignore skyking19 Report Abuse That's great, they are thinking ahead on a couple of things.
davenles Champion Author Texas Posts:1,366 Points:353,535 Joined:May 2011	Message Posted: Feb 3, 2012 4:31:36 PM Ignore davenles Report Abuse Yeah, we showed them.
chevysil Rookie Author Massachusetts Posts:79 Points:44,595 Joined:May 2011	Message Posted: Feb 3, 2012 4:27:56 PM Ignore chevysil Report Abuse how many rupees in a dollar?
drobbbb Champion Author Maryland Posts:1,909 Points:469,880 Joined:Dec 2010	Message Posted: Feb 3, 2012 4:27:21 PM Ignore drobbbb Report Abuse need a long talk with India
jdc17327 Champion Author Pennsylvania Posts:1,386 Points:141,645 Joined:May 2009	Message Posted: Feb 3, 2012 4:25:38 PM Ignore jdc17327 Report Abuse great
mastermariner Veteran Author Texas Posts:458 Points:194,250 Joined:Jun 2011	Message Posted: Feb 3, 2012 4:20:57 PM Ignore mastermariner Report Abuse Sanction never have worked and never will, let the israeli loose
Bigred111NC Sophomore Author North Carolina Posts:193 Points:38,790 Joined:Jan 2012	Message Posted: Feb 3, 2012 4:20:00 PM Ignore Bigred111NC Report Abuse really
KhelbenArunson Champion Author Michigan Posts:2,644 Points:354,005 Joined:Apr 2008	Message Posted: Feb 3, 2012 4:17:21 PM Ignore KhelbenArunson Report Abuse ok
walkingtall Champion Author Toronto Posts:2,173 Points:759,630 Joined:Nov 2004	Message Posted: Feb 3, 2012 4:17:18 PM Ignore walkingtall Report Abuse Iran accepts 45% of India oil sales in rupees.That's why sanctions don't work.
hauler43 Champion Author Oakland Posts:7,550 Points:2,453,135 Joined:Sep 2003	Message Posted: Feb 3, 2012 4:17:17 PM Ignore hauler43 Report Abuse Well good for them
jb107 Champion Author New Jersey Posts:7,728 Points:2,256,450 Joined:Sep 2005	Message Posted: Feb 3, 2012 4:14:39 PM Ignore jb107 Report Abuse They are not as dumb as some people think.
AKmailman Champion Author Alaska Posts:3,789 Points:1,195,050 Joined:Jul 2004	Message Posted: Feb 3, 2012 4:13:09 PM Ignore AKmailman Report Abuse I thought india was our friend
Alaydown Champion Author Los Angeles Posts:3,561 Points:550,075 Joined:May 2007	Message Posted: Feb 3, 2012 4:11:46 PM Ignore Alaydown Report Abuse This is another example of how these economic sanctions don't work. It is time to cut off all aid to India.
Prodaddy Champion Author Houston Posts:6,560 Points:1,530,795 Joined:May 2007	Message Posted: Feb 3, 2012 4:09:17 PM Ignore Prodaddy Report Abuse I see trouble brewing
f4driver All-Star Author Maine Posts:752 Points:379,390 Joined:Aug 2007	Message Posted: Feb 3, 2012 4:07:28 PM Ignore f4driver Report Abuse Hey Obungle, how about those sanctions....you dummy!
us4usa Champion Author Missouri Posts:4,418 Points:779,085 Joined:May 2008	Message Posted: Feb 3, 2012 4:03:06 PM Ignore us4usa Report Abuse Not everyone in the world use US dollars...