Iran Offers Oilfield, Pipeline to India for Raising Oil Imports

[Kloitra]

Why can't we pay them in Dollar? We can pay them in any currency they want or like, money is digital today and passed not directly but by banks or companies in very different countries. So that is the least of the problems, but such a pipeline will effect a lot of political issues and that needs to be handled and for this the question is not what will India give, but what is Iran ready to do, if we get ready to buy their oil? More controls of their nuclear developments, less involvement in Syria or Libanon?

I do not know why, but since US and EU sanctioned Iran, dollar trade is reduced or stopped:

Last year, India and Iran entered into an agreement in which India would pay for about half of its crude oil imports from the Middle Eastern country in Indian rupees instead of U.S. dollars. The move followed U.S. sanctions that have shut down the global financial system for Iranian crude trade.

India Aims to Widen Basket of Exports to Iran - WSJ.com

 

[somebozo]

Pakistan, India, Iran, China, Russia and CAR should establish their own clearance and settlement network to bypass global financial system and conduct their trade freely without fear of sanctions.

 

[BATMAN]

Pakistan, India, Iran, China, Russia and CAR should establish their own clearance and settlement network to bypass global financial system and conduct their trade freely without fear of sanctions.

Where lies the problem now?

Pakistani market is flooded with Indian goods.. without any fears.

Iranian petrol is being sold freely in Baluchistan and even upto hub.

Iran is a big supply route to Afghanistan, where lies the problem?

 

[Sergi]

Pakistan, India, Iran, China, Russia and CAR should establish their own clearance and settlement network to bypass global financial system and conduct their trade freely without fear of sanctions.

To do such things you need co-operation and trust among said parties. And you know..... India-Pak-China.

You simply can't bypass global financial system if you use any financial system. You have to go out of the system to bypass it.

If a Bank do such transactions , sanctions can be imposed on them in international scenario. Recent "insurance" problem of Indian oil import form Iran is good example of that

 

[Sergi]

Why can't we pay them in Dollar? We can pay them in any currency they want or like, money is digital today and passed not directly but by banks or companies in very different countries. So that is the least of the problems, but such a pipeline will effect a lot of political issues and that needs to be handled and for this the question is not what will India give, but what is Iran ready to do, if we get ready to buy their oil? More controls of their nuclear developments, less involvement in Syria or Libanon?

Digitalisation of money is the effectiveness key of sanctions !!!

If there is any possibility of physical translations then sanctions affect nobody. Our current "oil money pool" is like barter system. physical translations is way out of reach.

Any financial system that will entertain such translations will get hit by sanctions internationally. Recent "oil insurance" problem is good example of that.

Even Gold payment option was considered. But the firms buying Gold will get the heat as it will be paid to Iran.

 

[sancho]

I do not know why, but since US and EU sanctioned Iran, dollar trade is reduced or stopped:



India Aims to Widen Basket of Exports to Iran - WSJ.com

That's only for the public mainly, India like any other country has reserves in foreign currencies and obviously also indirect capabilities to pay in foreign countries. If US dollars would be required, Iran can get it for sure.

Digitalisation of money is the effectiveness key of sanctions !!!

If there is any possibility of physical translations then sanctions affect nobody. Our current "oil money pool" is like barter system. physical translations is way out of reach.

Any financial system that will entertain such translations will get hit by sanctions internationally. Recent "oil insurance" problem is good example of that.

Even Gold payment option was considered. But the firms buying Gold will get the heat as it will be paid to Iran.

India didn't accepted the sanctions on Iran and has rejected the US policies in this regard quiet some time, so they can't sanction us, nor any money movements outside of Iran. As I said, there is no need for us to transfer the money directly to Iran, but can be done indirectly from and to foreign bank accounts or companies too.

 

[Sergi]

India didn't accepted the sanctions on Iran and has rejected the US policies in this regard quiet some time, so they can't sanction us, nor any money movements outside of Iran. As I said, there is no need for us to transfer the money directly to Iran, but can be done indirectly from and to foreign bank accounts or companies too.

India do accept UN's sanctions. We have to. That's why decrease in Oil imports.

Sanctions against Iran - Wikipedia, the free encyclopedia

United Nations Security Council Resolution 1984 - Wikipedia, the free encyclopedia

United Nations Security Council Resolution 2049 - Wikipedia, the free encyclopedia


Monetary santions are on firms than on translations. Any financial body dealing with "sanctioned" party will have to face consequences in US and EU.
eg. If SBI paid Iran the bills for oil , the said fine will be imposed on the SBI branches in US or EU.
It's like the US company helped china with helo got hit when it was exposed.
They can't control money movement outside of Iran but they do control the Chanel of movement.

 

[sancho]

India do accept UN's sanctions. We have to. That's why decrease in Oil imports.

Sanctions against Iran - Wikipedia, the free encyclopedia

United Nations Security Council Resolution 1984 - Wikipedia, the free encyclopedia

United Nations Security Council Resolution 2049 - Wikipedia, the free encyclopedia


Monetary santions are on firms than on translations. Any financial body dealing with "sanctioned" party will have to face consequences in US and EU.
eg. If SBI paid Iran the bills for oil , the said fine will be imposed on the SBI branches in US or EU.
It's like the US company helped china with helo got hit when it was exposed.
They can't control money movement outside of Iran but they do control the Chanel of movement.

India rejects US embargo, to import oil from Iran

Jan 18, 2012

Even as China cuts down drastically its oil imports from Iran, which is soon likely to run into fresh sanctions from the US and the EU, India on Tuesday declared it will continue to import crude oil from the country.

Brushing aside US sanctions that prevent financial institutions from doing business with Tehran and its central bank, foreign secretary Ranjan Mathai stated that India will only accept sanctions imposed by the UN.

"We have accepted sanctions which are made by the UN. Other sanctions do not apply to individual countries. We can't accept that," said Mathai, adding that India had not sought any waiver from US sanctions...

India rejects US embargo, to import oil from Iran - The Times of India

 

[Sergi]

India rejects US embargo, to import oil from Iran - The Times of India

Correct. But those are US santions. I was talking about UN's santions. Am I missing something ???

NEW DELHI: Even as China cuts down drastically its oil imports from Iran, which is soon likely to run into fresh sanctions from the US and the EU, India on Tuesday declared it will continue to import crude oil from the country.

Brushing aside US sanctions that prevent financial institutions from doing business with Tehran and its central bank, foreign secretary Ranjan Mathai stated that India will only accept sanctions imposed by the UN.

"We have accepted sanctions which are made by the UN. Other sanctions do not apply to individual countries. We can't accept that," said Mathai, adding that India had not sought any waiver from US sanctions.

This was even as EU high representative for foreign affairs , Catherine Ashton, told TOI on Tuesday that the sanctions against Iran by the EU, which is on the verge of banning oil imports from Iran, are designed to make Iran fulfill its obligations as a signatory to the NPT. "It's not impossible for countries like India to have a strategic relation with Iran and yet convey that it is not fulfilling its international commitments in pursuing a nuclear weapons programme. The sanctions are designed to prevent Iran's nuclear programme and nothing beyond that," Ashton said.

 

[sancho]

Correct. But those are US santions. I was talking about UN's santions. Am I missing something ???

We were talking about paying in dollar and you said that it would be effected by sanctions, but as I said India rejected the US / NATO sactions, which means we a free to pay the oil as we like and are not bound to any restrictions.

 

[Sergi]

We were talking about paying in dollar and you said that it would be effected by sanctions, but as I said India rejected the US / NATO sactions, which means we a free to pay the oil as we like and are not bound to any restrictions.

We were talking about paying in dollar - Correct

you said that it would be effected by sanction - correct

India rejected the US / NATO sactions - correct

which means we a free to pay the oil as we like and are not bound to any restrictions. - this is wrong.

And that's why Iran and India made a "oil money pool". If India was in position to pay Iran would have done for currency.

As I said in earlier post if a particular firm paid Iran its business in EU and US would be fined. Same thing happened to oil insurance companies. That's why they pull off.

http://indiatoday.intoday.in/story/india-resolves-iran-oil-payment-issue/1/172606.html

http://articles.economictimes.india...529_1_farzad-b-india-refiners-indian-refiners