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After having explored various options to make payments and having run out of them, India is understood to have decided to pay Iran for the crude oil supplied by it in rupee terms. After discussions between the Finance Ministry and the Petroleum and Natural Gas Ministry, it has been decided that the Ministry will seek the note of the Union Cabinet to switch over to the rupee payment system for the Iranian crude, officials in the Petroleum Ministry said.
In February, India started making euro payments through an Iranian bank based in Germany. But that had to be stopped soon after Germany came under pressure from the United States to put an end to this practice.