Iran Ties Reveal Limits to India’s ‘All Alignment’ Approach

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India’s central bank, the Reserve Bank of India (RBI), announced in late December that it would no longer allow Indian importers to trade with Iran using the Asian Clearing Union (ACU), saying it wanted to explore an alternate means of facilitating trade-related payments. The move came as something of a surprise, even though the U.S. had been pushing India to take this measure for quite some time. For its part, Iran did not welcome the move and initially put the onus on India to find an alternative mechanism. Talks are currently underway to resolve the issue. Nevertheless, the episode has […]

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