India has relieved US sanctions on Iranian oil imports. Now India is working on an arrangement of payment to Iran, which can double it. In this arrangement, India will pay Iran only in rupees where Iran will spend only on imports from India.
America is giving 180 days to India with restrictions imposed on oil imports from Iran. Now India is working on another front, which can benefit him. India and Iran are working on a system under which after importing oil, India can pay its currency in its own bank in its own country. Let America’s restrictions on relations with Iran be effective from Monday.
India will restore the old system of payments in an account of UCO Bank. UCO Bank does not have international exposure, hence there is no such threat to restrictions. Earlier, Iran has been paying dividing the two parts into two parts. 45 per cent of the payment was made in the bank account of UCO Bank, while 55 per cent was in the Euro. This time Iran will accept all payments in rupees.
Iran’s bank has been banned, even after payment
It is believed that Iran used this money for the payment of imports from India. One thing is also that if Iran’s banks are banned from the SWIFT payment system, then India will still be able to pay its oil imports. Explain that the second step of US sanctions would be to target Iran’s energy sector, shipping, shipbuilding and financial sector.
A senior US official, Brian Hook, while talking to reporters, confirmed that the countries that continue to import oil from Iran have to make an escrow account. According to him, the Escrow account will not get Iran hard currency and oil exports will not get revenue from it. He said that Iran will go to the Escrow account of the country importing payment oil whenever the oil is to be sold and Iran will have to spend that money.
America’s finer eyes on the money that Iran receives
Hook added further that the United States would encourage such countries to spend that money on humanitarian purchases for the good of the people of their country. He warned in a way that America will closely monitor these accounts. Hook said that apart from the previous administration, we will ensure that this money is not spent in any illegal activities. Also, there should be no leakage in these escrow accounts, which can be taken advantage of Iran.
While working on saving Iran’s nuclear deal, the European Union can declare Special Purpose Weekly (SPV) for the help of Iran. However, according to sources there are many difficulties and it will be operational in 2019. Many European countries are taking precautionary measures regarding this SUV and the threat of US resentment. There is also a reason why India does not go with this European alternative system.
India feels that when this SPV becomes an operation it will become the second alternative arrangement of payments. At the same time, according to American officials, America will not be relieved of sanctions again. American official Hook said that we are making careful economic pressure without increasing the oil price with great care.