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Two Indian and another Swiss stop their dealings with Iran
| Wednesday, May 30 |
Two Indian banks have asked two exporters to close their financial transactions with Iran by August, according to the India's leading exporters' association and bank letters seen by Reuters .
India has long-standing political and trade ties with Iran, but New Delhi is anxious not to be under US sanctions against Tehran.
The Indian Exporters Association said that EndSend and UCO, which are easy to export to Iran, have set Aug. 6 as the deadline for closing deals.
"The exporting banks have been notified of the end of all business activities with Iran by August 6," Ajay Sahi, the association's director, told Reuters.
Most Indian exporters receive rupee payments for their exports to Iran, under a modified mechanism in 2012, when banking channels were restricted due to sanctions.
India, the largest importer of Iranian oil after China, has implemented a similar exchange program, which allows it to pay some of the oil dues to Tehran in rupee through UCO Bank.
In a letter dated 24 May from two Indian exporters, Indsland requested that customers be notified that the letters of credit would close completely before August 6.
Government data showed that India's trade deficit with Iran widened to $ 8.24 billion in the fiscal year ended March 2017.
The Swiss Trade and Investment Bank said it had suspended all new dealings with Iran and would gradually end its activities with the country after US President Donald Trump announced a withdrawal from the nuclear deal with Tehran.
The Swiss Trade and Investment Bank, which was founded in 1963, was among the active players in Iran's trade in commodity finance, Reuters quoted sources as saying.
"We suspended any new transactions related to Iran after May 8, 2018 and began a period of exit under the Foreign Assets Control Office," the bank said in a statement, referring to the US Treasury's enforcement arm.
The Geneva-based bank said it had complied with all sanctions after the US decision to withdraw from the nuclear deal and that it was "doing so."
US President Donald Trump announced earlier this month his withdrawal from the nuclear deal with Iran, signed in 2015, and ordered the re-imposition of US sanctions.
Earlier this month, Deutsche Bank, Germany's second largest bank, said it would suspend financial transactions with Italy in July.
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