date:Nov 28, 2013
o just a few countries.
The sanctions forced India to trim oil purchases from Iran, but it remained a loyal and large customer. In 2012 as sanctions stalled dollar payments, it started settling part of its oil debt in rupees and Iran was using those to buy goods from India.
That trade in rupees gave India an edge over other rice and soymeal suppliers such as Pakistan and Brazil who do not have such huge debts with Tehran and quickly the south Asian country established a near-monopoly in export