Fartashphoto's Blog

US praises Indian steps to tighten sanctions on Iran

Posted in Uncategorized by fartashphoto on December 29, 2010

The United States has praised India’s recent steps to tighten sanctions on Iran by barring its companies from a range of deals which are transacted though a key trade-finance clearing house.

“This is a significant action” by India, the Treasury Department’s point man on Iran sanctions, Stuart Levey, was quoted as saying by The Wall Street Journal.

Levey’s statement comes days after the Reserve Bank of India instructed its Banks to stop processing current- account transactions using the Asian Clearing Union (ACU).

Headquartered in Tehran, ACU was set up by the UN in 1974 to help facilitate trade in the region.

India is Iran’s biggest trading partner in business done through ACU. Besides RBI, it includes central banks of Bangladesh, the Maldives, Burma, Iran, Pakistan, Bhutan, Nepal and Sri Lanka.

On Friday, RBI said Indian firms can’t use the ACU mechanism when making payments for the import of oil or gas.

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