International Business Times: India is considering using gold to temporarily settle oil trades with Iran, reported the Economic Times, citing an unidentified government official.
Another possibility, reported by Times of India, is for India and Iran to temporarily settle trades in a designated third country.
Currently, Indian oil companies cannot settle oil payments from Iran, its second largest supplier, because the Reserve Bank of India has demanded that trades with Iran be settled outside the Iran-based Asian Clearing Union (ACU).
Previously, most trades between India and Iran was conducted through the ACU. Read more at IB Times…..