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1-min read

Banks Told to Withdraw Advisory for Exporters on Iran by August: FIEO

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that in view of the US decision to impose economic sanctions against Iran, the banks had asked the exporters to complete their transactions by August.

PTI

Updated:May 30, 2018, 6:17 PM IST
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Banks Told to Withdraw Advisory for Exporters on Iran by August: FIEO
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New Delhi: UCO Bank and IndusInd Bank have been advised to withdraw the communications asking the exporters to complete their financial dealings with Iran by August, the FIEO said today.

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that in view of the US decision to impose economic sanctions against Iran, the banks had asked the exporters to complete their transactions by August.

"We took up this matter with the commerce secretary who immediately spoke to the banking secretary. UCO Bank was told to withdraw such communications. IndusInd Bank is also expected to withdraw it today," Sahai said.

American President Donald Trump has announced that the US will withdraw from the landmark 2015 accord to curb Iran's nuclear programme and reinstate financial sanctions on the Persian Gulf nation.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. It supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).

Iran was the India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear programme relegated it to the 7th spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT, respectively from it.

The bilateral trade between India and Iran increased to USD 12.9 billion in 2016-17 from USD 9 billion in the previous fiscal.

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