Also, to circumvent the banking problems triggered by the US sanctions, India, in a special arrangement, will invest in rupees, so far only allowed for Nepal and Bhutan. The top US official expected that the purchases of Iranian crude oil would "go to zero" from every country including India. Officials said even though the US has offered to replace Iranian oil, the shipping costs would be astronomical. They said minimal shipping costs from the Persian Gulf and longer repayment plan makes Iranian oil cheap and competitive. "India and Iran have the political goodwill that will help to overcome challenges created due to the US decision.

Source: dna September 07, 2018 23:26 UTC