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    Default India, China cashing in on Iran sanctions

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    Iran's two major oil buyer — India and China — now appear to be seeking to take advantage of the international sanctions against the Islamic republic by forcing concessions from Tehran, a latest Congressional report has claimed.

    “India has used the payments difficulties to force concessions from Iran, including an Iranian acceptance of payment for about 45 per cent of the oil sales in rupees, India's local currency, but which is not convertible,” the Congressional Research Service (CRS) said.

    “The remainder might be settled through barter trade or Indian investment in Iran, and some might be settled in gold. The Iranian concessions have made it attractive for India to refuse U.S. efforts to persuade it to cut its oil purchases from the baseline level of about 350,000 barrels a day,” it said.

    As the name suggests, CRS is the independent bi-partisan research wing of the U.S. Congress, comprising experts of various fields.

    CRS prepares reports on different issues for the information of U.S. lawmakers.

    “Like India, China appears to be seeking to take advantage of the sanctions for its own purposes, and in so doing signalling to Iran that it disapproves of its behaviour,” said the nearly 80-page report titled Iran Sanctions.
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