June 22, 2018 / 11:51 AM / in 9 months

India looks to revive rupee payment mechanism for Iran oil imports -govt source

NEW DELHI, June 22 (Reuters) - India is looking to revive a rupee trade mechanism to settle part of its oil payments to Iran, fearing channels to pay Tehran might choke under pressure from U.S. sanctions, a government source said on Friday.

President Donald Trump said in early May that the United States would walk away from an international nuclear deal with Iran and impose renewed U.S. economic sanctions on Tehran.

Some sanctions take effect after a 90-day “wind-down” period ending on Aug. 6, and the rest, notably affecting the petroleum sector, after a 180-day period ending on Nov. 4. (Reporting by Nidhi Verma; Editing by Malini Menon)

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