India will buy oil in rupees and drop the dollar to buy iranian oil.

[jetray]

This was the status quo before the jcpoa...I think Iran got a bit cocky after the agreement , and revoked most of the informal understandings in trade with India . Now they are at a worse off bargaining position with India ,having lost all the leverage of mutual trust....

I think Iran really needs to acknowledge true friends like India who stood by Iran's side when the times were tough for them

A Bird in hand is worth two in bush.

 

[Dalit]

This was the status quo before the jcpoa...I think Iran got a bit cocky after the agreement , and revoked most of the informal understandings in trade with India . Now they are at a worse off bargaining position with India ,having lost all the leverage of mutual trust....

I think Iran really needs to acknowledge true friends like India who stood by Iran's side when the times were tough for them

Don't celebrate too early. Just wait how India reacts when daddy America actually goes ahead with the threats. India's true test will start from that moment. Right now talk is cheap.

 

[Lucky Breeze]

What part of India are you from?

I am from Indian sub continent.

 

[rott]

Fear from our tejas and LCH kiran. Soon you will see them conquering china

Did you just migrate (upgrade) from the times of India comments section to PDF?

 

[KapitaanAli]

First New Delhi said they would buy Iranian oil with gold but now rupees. What's next... cows or even sacred cows?

India has done both during the previous sanctions.

 

[jaunty]

Nothing new in it. I think this was done in 2013 as well. But big gain for India nonetheless. Iran should value its relationship with India, one of the very few countries who can still withstand US pressure.

 

[ghameed]

Don't celebrate too early. Just wait how India reacts when daddy America actually goes ahead with the threats. India's true test will start from that moment. Right now talk is cheap.

India has not just been talking , they have been DOING, long before the Iran-us deal was ever announced ....There's nothing to celebrate and nothing to fear for India , business is just business ...... even the Obama administration issued countless threats to India regarding buying oil from Iran , but nothing ever happened ..

 

[Tshering22]

It is good to see India defy Israeli bought, owned and operated puppet Donald Trump.

In fact, India had already announced that it will only honour sanctions imposed by the United Nations and will ignore those unilaterally imposed by Donald Trump.

Our position is clear that we agree with UN's actions. What another country does with a third has no bearing on our relations with that nation.

US is used to kowtowing with tinpot countries who survive and thrive on American whims and cannot seem to digest that there can be friendly countries who will not always agree with them. This pathetic attitude of Trump administration is exactly why they cannot handle Turkey's desire to be autonomous of US's internal whims.

 

[Sugarcane]

India was already buying oil on cheap rates with generous credit term and was partially paying in INR. Now she's is even stronger position to bargain more as Iran have no other choice but to accept whatever terms India dictate.

 

[Theparadox]

So Iran will be trading in all rubles, yuan and Indian rupees at same time.

 

[GodToons]

So Iran will be trading in all rubles, yuan and Indian rupees at same time.

I think it would be more on INR and Yuan, not much hope for Rubel

 

[Nilgiri]

This was the status quo before the jcpoa...I think Iran got a bit cocky after the agreement , and revoked most of the informal understandings in trade with India . Now they are at a worse off bargaining position with India ,having lost all the leverage of mutual trust....

I think Iran really needs to acknowledge true friends like India who stood by Iran's side when the times were tough for them

This is all true, but with this oil buying arrangement using rupee, Iran will get most value using those rupees to import from India in return... rather than converting to other forex (or holding onto it)...because demand for Rupee in the world is nowhere near what is in the source country (India). This will benefit Indian exporters....India already exports a healthy amount to Iran (officially), about 2 billion USD worth in 2017 (and imported about 7.6 billion mostly oil/gas related). I would expect the former to now increase more than the latter...given higher inelasticity (in world forex use) of Rupee to USD....and the earlier trends between the two countries (when the sanctions were in effect at higher level before JPCOA kicked in etc) when such rupee based trade was going on:

From UN comtrade. https://comtrade.un.org/data/

@bluesky

 

[prashantazazel]

Even with a US Engine Tejas moves on a truck. The less said about Kaveri the better.

Forgot to change your flags again?

Great. Keep up the delusional. I know India got Death Star and Star Trek

No delusion. Trade is already going on.

 

[my2cents]

FYI, All Iranian companies are already using INR for buying stuff from India and India already paying in INR for oil for more than a year now. We dealing with Iranian companies and all L/c we are receiving are in INR and not USD.
Also like to tell you that even Saudi and Pakistani companies and trading house are OK with doing business in INR. HERE I am talking abt. Big Saudi companies because of Al-rajahi bank incident thanks to pakistani banks.

Do you have any source for this info??

 

[sputnik]

Do you have any source for this info??

I myself is dealing with Various Iranian companies. we are manufacturing Chemicals and exporting to Middle-east, Africa and whole Asia.