{"id":20750,"date":"2018-06-16T00:38:57","date_gmt":"2018-06-16T00:38:57","guid":{"rendered":"http:\/\/151.106.38.4\/2018\/06\/16\/sbi-to-stop-handling-iran-oil-payments-imports-to-be-hit\/"},"modified":"2018-06-16T00:38:57","modified_gmt":"2018-06-16T00:38:57","slug":"sbi-to-stop-handling-iran-oil-payments-imports-to-be-hit","status":"publish","type":"post","link":"https:\/\/nagalandpost.net\/index.php\/2018\/06\/16\/sbi-to-stop-handling-iran-oil-payments-imports-to-be-hit\/","title":{"rendered":"SBI to stop handling Iran oil payments; imports to be hit"},"content":{"rendered":"<p><img src=\/old_site\/><\/p>\n<div><span style=\"font-size: 13.3333px;\">India\u2019s oil imports from Iran will be hit from the end of August as the State Bank of India (SBI) has informed refiners it will not handle payments for crude from the Middle Eastern nation from November, the finance head of Indian Oil Corp (IOC) said on Friday.<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">Such a move from the Indian state-controlled bank would come after US President Donald Trump pulled out of an international nuclear deal with Iran on May 8 and said he would reimpose sanctions within 180 days.&nbsp;<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">\u201c(Oil) loading will be affected from end-August under the current mechanism unless a new payment route is established,\u201d IOC\u2019s A K Sharma told Reuters.<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">Local refiners use SBI, the country\u2019s biggest bank, and Germany-based Europaeisch-Iranische Handelsbank AG (EIH) to pay in euros for purchase of Iranian oil.<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">Reliance Industries Ltd (RIL), owner of the world\u2019s biggest refining complex, plans to halt oil imports from Iran while Rosneft-promoted Nayara Energy has started cutting purchases from this month, sources said.&nbsp;<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">India, Iran\u2019s top oil client after China, was one of the few nations that continued to trade with Tehran during a previous round of Western sanctions. But it cut its crude imports to win its waiver from the US sanctions. The South Asian nations has said it does not follow US sanctions but companies and banks with links to the U S financial system could be liable to penalties if they do not comply.<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">Some sanctions take effect after a 90-day \u201cwind-down\u201d period ending on Aug. 6, and the rest, notably on the petroleum sector, after a 180-day \u201cwind-down period\u201d ending on Nov. 4.<\/span><\/div>\n<div><span style=\"font-size: 13.3333px;\">Iran offers Indian refiners a 60-day credit period on oil sales, which means payment for cargoes loaded from end-August will be due in November.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s oil imports from Iran will be hit from the end of August as the State Bank of India (SBI) has informed refiners it will not handle payments for crude from the Middle Eastern nation from November, the finance head of Indian Oil Corp (IOC) said on Friday. Such a move from the Indian state-controlled [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20750","post","type-post","status-publish","format-standard"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/20750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=20750"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/20750\/revisions"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=20750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=20750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=20750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}