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    Shah’s Grand Daughter Weds American In New York

    Shah’s Grand Daughter Weds American In New York

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    Shah’s Grand Daughter Weds American In New York

    Shah’s Grand Daughter Weds American In New York

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    Fruit Peddler To Hang For His Protest Poetry From Buying Texas Land

    UK Arrests Two Bands Of Iranians For Plotting Attacks

    UK Arrests Two Bands Of Iranians For Plotting Attacks

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    Storms Pound Many Parts Of Iran, Killing Nine

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    Snatch And Grab Thievery Now All The Rage

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    Iranian Student In Alabama To Self-Deport Despite Withdrawal of Initial

    Iranian Student In Alabama To Self-Deport Despite Withdrawal of Initial

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    Novel Tells Story Of Five Women In A Family That Leaves Iran For America

    Canada Party Boss Says Iran’s Leaders Are ‘Liars’

    Canada Party Boss Says Iran’s Leaders Are ‘Liars’

  • Diaspora
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    Banks Must Keep More Money On Hand

    Banks Must Keep More Money On Hand

    Russian Says Iran Watermelons Unsafe

    Russian Says Iran Watermelons Unsafe

    Iran Not To Be Self-Sufficient In Wheat This Year

    Iran Not To Be Self-Sufficient In Wheat This Year

    Opec Pumps More Crude, Just When Its Not Needed

    Opec Pumps More Crude, Just When Its Not Needed

    Lithium Deposits Being Hyped By Some in Iran

    Lithium Deposits Being Hyped By Some in Iran

    Despite Trump, Iran Sells China More Oil

    Despite Trump, Iran Sells China More Oil

    Despite Revolutionary Goals, Iran’s Exports Still Mostly Oil-Based

    Trump Hits Iran With 10% Tariff On Next-To-No Trade

    Trump Hits Iran With 10% Tariff On Next-To-No Trade

    The Oil Patch

    The Oil Patch

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    Jamshid Myth

    Two Cabinet Ministers Convicted in $3.4B Case of Corruption at Tea Firm

    Two Cabinet Ministers Convicted in $3.4B Case of Corruption at Tea Firm

    Resolution in US House Would Very Quietly Endorse Mojahedin-e Khalq

    Resolution in US House Would Very Quietly Endorse Mojahedin-e Khalq

    Subsidized Currency Stays

    Crypto Crackdown Seen as Fueling Rial Collapse

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Indian cabinet to vote on paying rupees for Iran oil

Government officials have said they are putting the finishing touches on a plan under which India would pay Iran for oil in rupees, but Iran would be restricted in what it could buy with those rupees. Chiefly, Iran would be barred from using the money to buy up Indian businesses.

Iran has not said anything in the past few weeks while the idea of rupee payments has been widely discussed in the Indian media. It isn’t known if Iran would find the concept at all attractive, especially with the restrictions on what Iran could buy with rupees.

ONGC said the Indian cabinet would make the final decision on what to offer Iran. It did not say when the proposal would go before the cabinet.

The Reserve Bank of India, India’s central bank, stopped making payments to Iran in December out of fear of getting crossed with US sanctions. The sanctions don’t bar payments for Iranian oil, but foreign banks are required to know that they are not paying for any goods banned under UN sanctions, such as nuclear components. The mechanism India was using meant the Reserve Bank was only given a net figure to pay and had no idea what individual purchases and sales were behind that figure.

India’s Financial Express last week reported that India’s tea producers fear they are paying for the hassle. Bhansali, a major Indian tea exporter, said it sold 4 million kilos of tea to Iran last year, but has not sold even one kilo since the payments problem erupted in December.

India buys more than $1 billion worth of crude oil from Iran monthly. This year, it was able to make one payment of $2.1 billion through a German bank before that route was shut down. India now has a debt of about $3 billion owed Iran.

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The Oil Patch

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Oil output is rising slowly at country’s oldest field

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