The US urges all nations to stop Iranian oil imports by November 4. Failure warns economic sanctions. India gears up to face the storms with saved reservoirs.
The US hits Iran with sanctions, India may become a good Samaritan with a rupee-rial mechanism. The move is valiant but it will possibly turn out to be a savior at the time.
Refiners buy Iranian oil in euros on a 2-month credit basis. The rest funds come from SBI and Germany-based Europäisch-Iranische Handelsbank. Though the Indian government has not urged to cut Iranian oil, RIL and Nayara are some of the private players have begun the lessening the Iranian imports.
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