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India will stand with Iran again; Rupee-Riyal will be in trade

Staff reporter, New Delhi
07/12/2018   0 Comments

Between the US sanctions on Iran between India and Iran, there could be an agreement on doing bilateral trade between Rupees and Riyals. Reuters has quoted sources saying that under this agreement, India will not be compelled to depend on the dollar to buy crude oil from Iran. India will be able to buy crude oil by paying Iran to Iran. Along with this, India has to pay only half of the price of the total crude oil being bought by Iran through this agreement. India will be able to export its product in Iran instead of half the amount.

It has been more than a month since the US ban on Iran took place. No country in the world can trade with Iran due to this restriction. India and China are Iran's biggest trading partner and Iran has sanctioned 6 months to close the business, including 8 countries, including India and China, in the ban on Iran. It is important that US President Donald Trump recently announced a ban on Iran, threatening the entire world, saying that if a country purchases crude oil from Iran after November 4, then it is ready to take strict measures.

Trump had separated the US from the Iran nuclear agreement in 2015 and again banned it. Trump had asked countries to import oil from Iran by November 4 to reduce their imports by zero. At the same time they also warned of banning countries not doing so. At the same time, the other parties involved in the nuclear deal with Iran are opposing US sanctions. The countries that oppose are Britain, France, China and Russia. These countries want to continue the Iran nuclear deal. United Nations observers also believe that Iran remains on the terms of the nuclear agreement. However, Saudi Arabia is the only country in America on this issue.

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