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Weeks after India stopped oil imports from Iran. the Modi government is keen to resume supply from Iran and is looking at ways to make payments in Indian rupee to get around US sanctions. two government sources told ThePrint.
The Modi government. which is returning with a bigger mandate in the Lok Sabha elections. will immediately initiate talks with Iran to discuss steps that will allow it to resume oil imports. said the sources.
However. the quantum of import is expected to drop significantly.
India stopped oil imports from Iran after the six-month sanctions waiver from the US ended on 2 May.
The government is not keen on this ban. It is keen to resume imports. though the quantum will be limited. said a senior government official who didn’t wish to be named.
The official said Iran’s Pasargad Bank. which got the Reserve Bank of India’s nod to open a branch in Mumbai. may be used to make payments for the oil supply.
Payments can be deposited in the Iranian bank and then Iranian government can decide how to utilize the money. the official said.
