FIEO has said that the government needs to look into the problems being faced by exporters shipping consignments to Iran in view of the increasing threat of US economic sanctions against the Persian Gulf nation. Commenting on the issue, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta told the media, “The rupee account currently used for payment settlement has limited funds to meet export requirement only for 3-4 months.”
"Other than UCO Bank, no other bank is willing to deal with exporters who are trading with Iran in view of the US sanctions. The government needs to immediately look at the situation and take steps," Gupta said. As per reports, the US has told India and other countries to cut oil imports from the Gulf nation to "zero" by November 4 or face sanctions.