India’s State Bank to Help End Gridlock Over Iran Oil Payments
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India arranged for State Bank of India, the nation’s biggest lender, to help in making payments for crude oil purchases from Iran, ending a five-week gridlock that threatened $9.5 billion of annual bilateral oil trade.
State Bank will make the payments in euros through Europaeisch-Iranische Handelsbank AG, a government official told reporters in New Delhi yesterday, asking not to be identified because he’s not authorized to speak to the media. The new system is effective immediately, he said.