India, Iran Discuss Banking Process, Rupee-Rial Trade to Withstand US Sanctions

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U.S. President Donald Trump this month withdrew the United States from the Iran nuclear deal and ordered the reimposition of U.S. sanctions suspended under the 2015 accord.

Iran's Foreign Minister Mohammad Javad Zarif and his Indian counterpart Sushma Swaraj walk after a photo opportunity in New Delhi, India, May 28, 2018.

India is now a top destination for Iran's oil exports.

Swaraj's comments came before a meeting with her Iranian counterpart, Mohammad Javad Zarif, in New Delhi at which they discussed strategy in the aftermath of the USA decision.

India continued to trade with Iran throughout previous sanction periods, but was forced to cut oil imports as sanctions choked off banking channels and insurance cover for tankers.

Major European companies, including Total and Allianz, already have announced they will withdraw from Iran unless the United States grants them waivers from the sanctions.

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Washington has recently imposed additional sanctions on Venezuela following the re-election of President Nicolas Maduro.

"We can not have any trade in cryptocurrency, as it is banned by the Reserve Bank of India". He said the Donald Trump administration was making sanctions against Russian Federation flexible for its allies such as India to provide them breathing room to continue dealing with Moscow so that they could maintain the equipment bought from Russian Federation.

Zarif was in India on Monday.

Bilateral trade between India and Iran amounted to $12.9 billion past year.

Zarif called the visit to India "fruitful" in a tweet. That $115 bn per annum in trade that India does with the United States is a fraction of that of countries like China or South Korea, and numerous firms that deal with Iran likely have no USA assets that could be attached. To continue with this quest, he has backed an "all of the above" energy strategy much like that of former U.S. president Barack Obama. India is also anxious that a break in the momentum over the port diplomacy could see Iran extending hand towards its rivals like Pakistan and China, jeopardising its plans completely.

Both Venezuela and Iran are key oil suppliers to India. While India may not be huge fans of Iran, they're extremely antagonistic towards Pakistan and that works out to be a win for them.