BriefingAsia-Pacific

In Oil Payment Settlement, India Shows Its Middle Eastern Influence

In Oil Payment Settlement, India Shows Its Middle Eastern Influence

Ending a months-long dispute over oil payments, Iran has now resumed oil shipments to India, with Turkey stepping in as a key facilitator to resolve the impasse. Turkey’s Halkbank is currently routing Indian oil payments to Iran that had been blocked by U.S. sanctions; according to reports, more than 80 percent of the $5 billion in accumulated arrears have been cleared. The tripartite arrangement, which comes amid regional tensions over Syria’s future, indicates that India and its overall energy interests are emerging as a key variable in the strategic calculus of Middle Eastern capitals. Previously characterized mainly by drift, the […]

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