Sputnik- Industry sources told Sputnik that both countries are in consonance over the barter-like system, wherein Iran would allow India to make a portion of oil payments in Rupee through the state-run UCO Bank, which has no US exposure.




New Delhi (Sputnik)�� Expediting the formation of�a mechanism to�withstand US sanctions, India and Iran have discussed various options, including Rupee-Rial trade, so that bilateral trade between�the two countries continues without�a blip.

Iranian Foreign Minister Mohammad Javad Zarif and his Indian counterpart Sushma Swaraj sat for�talks in�New Delhi on�various regional and international issues�on Monday.
"During the talks, the two sides also exchanged views on�a further expansion of�ties in�banking, energy, trade, insurance, shipping, use of�national currencies, Chabahar projects and Chabahar-Zahedan railway," the Iranian foreign ministry said in�a statement.





Fruitful visit to�#India, building on�achievements of�President Rouhani's state visit in�Feb. Productive meetings on�energy, banking, transportation and commerce. Excellent substantive concluding meeting with�my counterpart and delegations. Resolved to�expand ties in�all fields.�pic.twitter.com/4thQiVcprm



��Javad Zarif (@JZarif)�May 28, 2018

Both the leaders discussed Trump's plan to�withdraw from�the 2015 Iran nuclear deal.Swaraj said "all parties to�the agreement should engage constructively for�peaceful resolution of�the issues," according to�a statement issued by�India's Ministry of�External Affairs.

Iran is India's third-largest oil supplier. India's private, as�well as�public sector, oil refiners are heavily dependent on�cheap Iranian crude.�Indian refiners bought a record 27.2 million tons of�Iranian crude during�the last financial year, which ended in�March 2018, a whopping 114 percent increase over�the previous year.

During the economic sanctions against�Tehran laid out�by the Obama administration in�2012, India and Iran had to�make alternative arrangements, including barter system. India imported $10.5 billion worth of�goods, mainly crude oil, and exported commodities worth $2.4 billion.