Indian Banks Urge Exporters to Close Iran Deals due to US Sanctions
TEHRAN (Tasnim) – Two Indian banks have asked exporters to complete their financial transactions with Iran by August amid the threat of new US sanctions, a report said.
The Federation of Indian Exporters Organization (FIEO) said IndusInd and UCO, the two banks facilitating exports to Iran, had set August 6. as the deadline for winding up deals.
"IndusInd and UCO bankNSE 1.50 % are telling exporters that you complete all Iran business by August 6," Ajay Sahai, director general of FIEO, told Reuters.
Indian exporters mostly receive payments in rupees for exports to Iran, under a mechanism devised in 2012 when banking channels were restricted due to the US sanctions.
US President Donald Trump earlier this month pulled out of the 2015 nuclear accord with Iran and ordered the reimposition of US sanctions.
