Iran oil import to be hit by SBI's discontinuation of payments

SBI will no longer handle oil payments to Iran from November 4th because of reimposition of tough sanctions on Iran by U.S. President, Donald Trump. The state-controlled bank's links with the U.S. financial system has led to this decision in order to avoid penalties. A.K. Sharma, finance chief of IOC said that SBI's move will affect the oil imports from August end if a different mode of payment is not established.