Friday, February 8th 05:37 PM IST

India unlikely to offer Gold for oil scheme to Iran again

# Iran gold  # gold for oil  # India gold  # Halkbank  

Though Gold is a highly unlikely payment option, India categorically stated that it would continue to purchase Iranian oil, which is imperative for the country's energy security.

NEW DELHI(BullionStreet): India is unlikely to use gold as a payment option for it's Iranian oil import after the country stopped money transfers to Iran through Turkey's Halkbank because of U.S pressure.

Many analysts said India is in the process of cutting gold imports and cannot afford to take up any official dealing involving gold even for oil purchase.

India annually buys oil worth $ 11 billion. The cost of oil is partially paid in Indian rupees; 55 per cent of the cost is paid in dollars through Halkbank.

After the payment block, India is exploring other payment options for oil imports from Tehran.

Among those options is to do business using Indian currency for the full payment in the lines of the arrangement with Russia in the past.

Though Gold is a highly unlikely payment option, India categorically stated that it would continue to purchase Iranian oil, which is imperative for the country's energy security.

India maintained that it adheres to UN imposed sanctions but not sanctions by individual countries.

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