India Group's 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 linked to Tehran's disputed nuclear program. According to industry and government sources, and letters reviewed by Reuters, Essar has ...
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