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Union Bank of India

Union Bank of India

BSE: 532477


"The Reserve Bank of India has capped weekly dollar purchases by oil refiners to pay off their debts to Iran in order to avoid pressure on the rupee, three sources said on Monday. India is one of the biggest buyers of Iranian crude and built up a payments backlog when Iran was under Western sanctions, with its refiners owing about $6.5 billion to Iran. They have cleared $770 million in euros through Turkey's Halkbank to National Iranian Oil Co (NIOC). State-run Union Bank of India facilitated the payments." (Reuters, “UPDATE 1-India caps refiners' dollar buying for Iran dues to shield rupee –sources,” 5/30/2016)


Union Bank of India Ltd. was revealed to have facilitated a fund transfer of $100 million between Mangalore Refinery & Petrochemicals Ltd. and the National Iranian Oil Company. This fund transfer was a multi-step process coordinated with the Turkish bank Halkbank and was designed specifically to evade international sanctions. (Bloomberg, "Iran Receives $100 Million in Oil Payments From India, PTI Says," 8/2/2011)