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India may pay Iran for oil in Re at a bank here

India may pay Iran for oil in Re at a bank here
India will revive a previous arrangement of making payments in an account in UCO Bank, which does not have international exposure and is therefore not vulnerable to sanctions. This time, Iran will take the entire amount in rupees. Tehran is expected to use these funds to import items from India.

from Times of India https://ift.tt/2PEPNLl
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