India Groups Oil-for-steel Deal to Test Iran Sanctions - Essar - TopicsExpress

India Groups Oil-for-steel Deal to Test Iran Sanctions - Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state. The National Iranian Oil Company (NIOC) proposed the payment mechanism in August, potentially opening a new way to release oil export proceeds tied up in India under Western sanctions link... owl.li/2RkH6Y

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