Essar Group Doing Brisk Business with Iran Despite Sanctions

摘要

Private sector refiner Essar Group, recently took in about 5.42 MMT of Iranian crude worth $3.97 billion in 2013-14 to feed its 20 million tonne refinery. A similar quantum of crude is expected to be imported in 2014-15 as well. However, the sanctions imposed on Iran are causing payment problems for Indian importers and Essar is also a victim. Sources revealed that Around 45% of the payment is to be made in Indian rupees and deposited with Uco Bank while the other 55% is to be in foreign currency that is released to Iran rather discreetly as and when the Central Bank of Iran finds an opportunity to take it away by creating a window of opportunity through an international bank willing to do do such a transaction in the midst of western sanctions.