India settles Iranian oil payments in rupees under US waiver
Business
India is likely settling payments for Iranian oil through local banks, thanks to a US waiver that runs until April 19, 2026.
Instead of paying in US dollars, India is settling bills in rupees through local banks.
This setup lets Iran spend those rupees on Indian goods and services, keeping trade flowing even with sanctions in place.
Indian low exposure banks route payments
To dodge risks linked to global sanctions and Iran's SWIFT ban, Indian banks with little international exposure are handling these payments.
Some deals are routed through third countries where these banks operate, making sure things run smoothly.
Bonus: this approach also boosts sales of Indian products like basmati rice, good news for local businesses.