India’s oil imports from Iran drop sharply

NCRI – With declining imports from Iran and no resolution to the rupee mechanism issue in sight, the government of India has already worked on a plan to substitute its imports from Iran by increasing its crude oil purchase basket from countries such as Iraq, Venezuela and Oman, The Hindu daily reported.

The Iranian regime had sometime ago conveyed to India its opposition to the 100 per cent rupee payment mechanism, and had refused to ship oil deliveries under this mechanism. It had said that it was going back to the 45 per cent rupee mechanism payment system, and the balance had to be paid either in euro, yen or rouble, the report said.