Germany won't funnel oil money from India to Iran
Germany won't funnel oil money from India to Iran - BusinessWeek
A German official says a deal to funnel oil payments from India to Iran through Germany's central bank has been scrapped.
The official said Tuesday that the Indians involved decided "they wanted to use other means of payment from now on."
The deal required Berlin's approval due to tight financial controls amid international sanctions against Iran, whose government is suspected of developing nuclear weapons.
The official says Germany's chancellery didn't forbid the transaction but did hold talks about it with India. He spoke on condition of anonymity due to the sensitivity of the issue.
The German newspaper Handelsblatt reported India was planning to buy Iranian crude worth euro9 billion ($13 billion) a year and transfer the money through Germany's central bank to an Iranian bank in Germany.
I guess Uncle SAM will be very happy with how Germany handle the case
