India generally cooperated with sanctions on Iran: Report

February 07, 2017 12:02

India generally cooperated with multilateral efforts to use UN-mandated sanctions to achieve a nuclear agreement with Iran, a bipartisan Congressional report has said as the Trump Administration gears up to muster international support against Tehran.

The independent Congressional Research Service said in its latest report said that India began reducing economic relations with Iran in 2010 when India's central bank ceased using a Tehran-based regional body, the Asian Clearing Union, to handle transactions with Iran.

"India implemented UN-mandated sanctions against Iran and generally cooperated with multilateral efforts to use sanctions to achieve a nuclear agreement with Iran," the report which was presented to lawmakers said.

In its 42-page report CRS notes that during 2010-2016, India's private sector described Iran as a "controversial market" a term used by many international firms to describe markets that entail reputational and financial risks.

In January 2012, Iran agreed to accept India's local currency rupee to settle 45 per cent of its oil sales to India, which Iran mostly used to buy Indian wheat, pharmaceuticals, rice, sugar, soybeans, auto parts and other products.

« Back to LIVE

TOP STORIES

Ready For Shaitaan On OTT?

Holidays turn into horror, Bhansali brand of razzmatazz and tons more on OTT this week.

He was talking about...: White House on Biden's 'xenophobic' remark

'He was making a broader point. Our allies and partners know very well that -- how much this president respects them'

Beware Of This SCAM!

'Avoid rushing into any financial transactions or disclosing personal information.'

Fintechs Push For Easier KYC

'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'

Fun Time! It's Quiz Time!

Sukanya Verma quizzes you to find out just how much you know about the movies.