President Barack Obama welcomes Indian prime minister Manmohan Singh to the White House on 27 September, with the US lauding Delhi for being “very clear with regard to Iran” and “supportive of the global community’s efforts to prevent proliferation”. The US expects that level of cooperation to continue, a White House official says. But India is sending a portion of the money that it pays for Iranian oil out of the country to be deposited in Turkey’s Halkbank. Such transfers appear to run counter to Washington’s demands that payments be kept within the importing country. India pays for some of its Iranian crude in euros, and some in rupees. The amount used to purchase crude in euros is being forwarded to Halkbank, while the rupee portion is held in India’s state-run UCO bank.
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