NEW DELHI—India's top two importers of crude oil from Iran plan to reduce shipments by at least 15% this financial year, people with knowledge of the move said, in an important victory for the U.S.-led sanctions effort against Tehran.
Payment issues hinder Iranian buying team in India
Large Iranian delegation reaches only a few small deals for animal feed due to problems using a new payment mechanism using Indian rupee.
NEW DELHI - A large trade delegation from sanctions-hit Iran, in India largely to buy farm commodities, has reached only a few small deals for animal feed due to problems using a new mechanism meant to allow payment of suppliers using the Indian rupee.
Traders said their group had made inquiries to buy commodities such as wheat, sugar and soymeal but had sealed deals to import only small quantities of animal feeds.
Until now, the rupee mechanism had just been used to clear a backlog of export debts and payments totaling 3.8 billion Indian rupees ($71.10 million).