India's top bank to stop handling Iran oil payments

India's top bank to stop handling Iran oil payments

The ministry stressed that European sanctions relief for Iran, one of the terms of the nuclear agreement, remain in place, and that government-backed export credit guarantees are still available.

Trump had pledging to re-impose tough sanctions on Iran within 180 days of pulling out of the deal, which was signed during Barack Obama's rule.

India's refiners now use SBI and Germany-based Europaeisch-Iranische Handelsbank AG (EIH) to buy Iranian oil in euros, according to International Olympic Committee and other companies.

The South Asian nation has said it does not follow us sanctions, but companies and banks with links to the USA financial system could face penalties if they do not comply.

Some sanctions take effect after a 90-day "wind-down" period ending on August 6, and the rest, notably affecting the petroleum sector, after a 180-day period ending on November 4.

However, this does not mean Indian refiners will be faced with an insurmountable shortfall.

More news: Gunman wounds 2 at Walmart store before being fatally shot by bystander
More news: Soundcloud rapper XXXTentacion dead after Florida shooting
More news: Saudi Arabia land safely in Rostov-on-Don after plane engine fault

Nayara Energy-formerly known as Essar Oil-is said to have started scaling back oil purchases from Iran this month, while another big Indian refiner, Reliance Industries, which owns the world's largest refining hub and has significant exposure to the USA financial system, is reportedly planning to stop importing oil from Iran in October or November. Company officials said that alternate crude oil sources in the Middle East, US and Russian Federation could easily be tapped should Iranian supplies dry up due to payment problems.

"That visit was only exploratory in nature.we are still watching the situation", India's oil minister Dharmendra Pradhan told Reuters earlier this week. India's oil import from Iran jumped last month to their highest since October 2016 to around 705,000 bpd, but expectations are that Indian imports will start dropping from this month because at least two large refiners are said to be getting ready to cut imports from Iran.

Apart from banks, shipping firms and insurance companies have already begun distancing themselves from Iran.

Trump also said he would reinstate United States nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.

"We hope suppliers like Iraq and Saudi Arabia will fill the gap", he said.

Related Articles

  • Bullish Harry Kane says World Cup can be his first trophy

    Bullish Harry Kane says World Cup can be his first trophy

    Things got worse for Tunisia , when Hassen had to exit with an apparent shoulder injury, suffered on a play earlier in the match . The Tottenham striker praised the attitude of his England team-mates since Southgate took over the reins as manager .
    Chinese State Media Suggests President Trump Is a 'Fool'

    Chinese State Media Suggests President Trump Is a 'Fool'

    During an impromptu appearance on the White House North Law, the president hailed his "very big tariffs " on China. But Trump also rails against the U.S.'s large trade deficit with China and China's high tariffs on certain goods.
    Apple finally lets USA  callers share their location with 911

    Apple finally lets USA callers share their location with 911

    The new iOS 12 feature aims to get accurate location data to first-responders more quickly, cutting emergency response times. It will also be utilizing RapidSOS's "Internet Protocol-based data pipeline" to share users' HELO data with 911 operators.
  • DHS Secretary Kirstjen Nielsen Defends Separation Of Families At The Border

    DHS Secretary Kirstjen Nielsen Defends Separation Of Families At The Border

    Secretary Nielsen tried to suggest the problem was with the Dept. of Health and Human Services, and not DHS. This is a policy made exclusively by this administration, and you can stop it right now.
    Google Maps just evicted Uber bookings

    Google Maps just evicted Uber bookings

    However, Google has just removed this integration, and now you're back to booking your ride directly via the Uber application. For all we know, Uber wants all that sweet location data that would have been otherwise hard to get via Google Maps.
    YouTube Refurbishes Its Music Service

    YouTube Refurbishes Its Music Service

    A new YouTube Music streaming service is set to launch on May 22 for users to stream music at both free and premium price points. We caught wind of a new service coming previous year and it was meant to arrive in March, so it's only a couple of months late.
  • Thomas Markle breaks silence over royal wedding in first TV interview

    Thomas Markle breaks silence over royal wedding in first TV interview

    The interview saw the recluse claim that Harry had said he was "open" to Brexit and that people needed to "give Trump a chance". Asked about the possibility of a royal baby being soon on the way, he said his daughter had "wanted children for a long time".
    USA  has separated 2000 children from parents on Mexico border

    USA has separated 2000 children from parents on Mexico border

    Cardinal Timothy Dolan, the current Archbishop of NY , also debunked the idea that family separation is supported by the Bible . There were more than 50 at the official crossings in April and March each, according to the figures.
    Mexico stun holders Germany 1-0 in World Cup opener

    Mexico stun holders Germany 1-0 in World Cup opener

    Youngster Julian Brandt almost saved Loew's night in the final minutes when he blasted a shot past Ochoa's right post. Lozano reveled in the space left for him on Mexico's left flank and was a constant threat on the counterattack.
  • World Health Organization classifies 'Gaming Disorder' as a disease

    The AP notes that The American Psychiatric Association still does not label Gaming Disorder as a mental health condition . Video games are created to be riveting, the reaction designers hope for is "I couldn't stop playing".
    Gary Lineker's F-word reaction to Harry Kane's England victor

    Gary Lineker's F-word reaction to Harry Kane's England victor

    We kept fighting and got the late goal and a big win", England midfielder Jordan Henderson said. Up next for England are Panama, who lost their opener 3-0 to Belgium. "It's massive.

    Texas deputy arrested on allegation of child sexual assault

    The victim's mother took the child to a fire department to report the abuse this weekend after the child made a cry for help. Salazar said the assaults may have been going on for years, and that there could be other victims.