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India’s Biggest Bank To Stop Handling Iran Oil Payments

India’s largest bank, State Bank of India, has told local refiners that it will no longer handle payments for oil imports from Iran beginning in November, the head of finance at Indian Oil Corp (IOC) told Reuters on Friday. According to IOC and other refiners, the companies in India currently use the State Bank of India (SBI) and Germany-based Europaeisch-Iranische Handelsbank AG (EIH) to purchase oil from Iran in euros. “[Oil] loading will be affected from end-August under the current mechanism unless a new payment route is established,”…