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situation report

Dec 6, 2018 | 20:08 GMT

1 min read

India, Iran: Countries Reportedly Finalize Rupee-Based Payment System for Crude Oil Imports

What Happened: India and Iran will reportedly soon announce an agreement for India to buy Iranian crude oil through a rupee-based payment mechanism, Reuters reported Dec. 6.

Why It Matters: India is attempting to maintain a balancing act between growing its defense partnership with the United States and strengthening its relations with Iran. Tehran is India's third-largest supplier of oil and New Delhi relies on crude oil imports for 80 percent of its consumption.

Background: Prior to the arrangement, India was paying for Iranian crude through European banking channels. In exchange for a 180-day waiver, India will be allowed to import only 300,000 barrels per day (BPD) of Iranian oil, compared to an average of 560,000 bpd before U.S. sanctions were implemented.

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