New Delhi. A big news has come out regarding oil trade between India and Iran. After a long time, Indian refineries have purchased crude oil from Iran, but the most shocking thing is that the payment for this deal has been made not in dollars, but in Chinese currency Yuan.
Read :- Bollywood came out in support of the Prime Minister, the actress is welcoming the Women’s Reservation Bill, thanked PM Modi wholeheartedly.
The Economic Times has published a report in this regard, in which such information has been given quoting sources. If this is true, then India has taken such a step to find its way out of America’s restrictions, so that the country’s energy needs can be met.
Indian refinery companies have come up with a new way to pay for the crude oil purchased from Iran. According to sources, this payment has been made in Chinese currency Yuan through ICICI Bank headquartered in Mumbai. Actually, America has imposed strict sanctions on Iran, due to which it is very difficult to transact in dollars internationally. To solve this problem, ICICI Bank used its Shanghai branch and from there sent the money directly to the seller’s Yuan accounts. This is the first time that the use of Chinese currency for such a big deal with Iran has come into public discussion.
Oil came from Iran after 7 years
India’s largest government oil company Indian Oil Corporation (Indian Oil Corp) has purchased 2 million barrels of crude oil from Iran after a long wait of almost seven years. This oil has reached India through a very big tanker named ‘Jaya’, which is worth about 200 million dollars i.e. in crores of Indian rupees.
Read :- LS Chairman and RS Chairman rejected the impeachment motion against CEC, Congress said – Government is strangulating democracy through Election Commission.
The special thing about this deal was that Indian Oil Corporation paid 95% of the total price of oil only when the ship entered the Indian territorial waters. Usually government companies make payment after receiving the oil, but this time the rules were a little different. Apart from the government company, private companies like Reliance Industries have also been allowed to bring Iranian oil ships.
American sanctions and challenges ahead
Oil prices had increased significantly due to the ongoing tension between America and Israel with Iran. To reduce this, America had given a special exemption of 30 days to buy oil from Iran, the deadline of which is now ending. US Treasury Secretary Scott Bessant has made it clear that this exemption given to Iran will not be extended further. This means that it will again become difficult to buy oil from Iran in the coming time. This is why Indian Oil Corporation is not planning to buy any more oil. For India, this move was merely an attempt to maintain its energy security and avoid expensive oil.
Comments are closed.