The move is expected to facilitate transactions related to India's oil purchases from Iran amidst US sanctions. Alongside, India's state-owned UCO Bank will be opening a branch in Iran. The banks will also handle transactions relating to operation at Iran's Chabahar Port which India is developing. India has taken over operations of the Chabahar port in the Sistan-Balochistan province of Iran, the first time India will operate a port outside its territory. Iran is one of India’s top sources of oil and though New Delhi has reduced its imports under US pressure.
EmoticonEmoticon