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India eyes Turkish banks for Iranian crude

NEW DELHI, April 29 (UPI) -- There haven't been disruptions to the supply of Iranian crude oil to India as New Delhi looks at Turkish banks to facilitate payments, an Indian official said.

New Delhi had moved cash through German bank Europaeisch-Iranische Handelsbank AG to buy oil from Iran, one of the top crude suppliers to India.

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EIH received euros for the Iranian crude only when Indian importers issued notes saying the money wouldn't be used for sanctioned goods. Officials in the U.S. Treasury Department said that wasn't enough and the German bank said recently that it stopped the payments.

New Delhi is looking at banks in Turkey in order facilitate crude payments after the Germans backed out.

An official in the Indian oil ministry was quoted by The Wall Street Journal as saying Iran was still supplying crude oil to Indian markets.

"They continue to supply as our credibility is very high in the international market," he said. "We are exploring various options" that could include Turkish banks.

India is getting its crude oil from Iran on credit. India had imported about 12 million barrels of oil per month from Iran.

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