India might be faced with difficulties in making crude oil payments to Iran, from where it buys the oil due to US’ latest moves to control the nuclear programme of Tehran.

Around 1 billion USD is being paid by India every month to Iran via Turkey for the 370,000 barrels of crude oil it buys every day. A top government official said that Turkey is likely to come under pressure because of the US fresh sanctions on Iran, the fourth largest producer of oil.

The routing of payment through Russia was discussed during the last month visit of Prime Minister Man Mohan Singh to Russia. However Russia was not to very keen on the issue because of the intricacies implicated in it.

Last Month, Barack Obama, the US President signed a bill and made it into a law, thereby authorizing the authorities of the US, to levy fine on foreign Banks that deals with the Central bank of Iran to resolve the payment for the import of oil.

Shivshankar Menon, the National security adviser chaired a meeting with the officers belonging to the Petroleum, Finance, External affairs ministries and also the RBI, to discuss subsequent to the signals from Hal bank, the state run bank of Turkey, that it has to put a end to the oil payments made on behalf of the companies from India.

A multi disciplinary team is expected to make a visit to Tehran, to confer on the issue to get a continuous supply of oil. However, New Delhi perceive nothing serious at present, unless and until the Strait of Hormuz is stopped.

India receives three quarter of its crude oil requirements by means of imports; Iran is the second biggest supplier of crude oil to India next to Saudi Arabia.