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After Iran, UCO Bank may be chosen to pay Russia

After Iran, UCO Bank may be chosen to pay Russia

Friday, January 17, 2020, 11:30 AM

India is set to change the bank it uses to make payments for Russian arms and is likely to route the money through UCO Bank, which is also being used to carry out trade with Iran. The payments, which are complicated due to the threat of US sanctions on the purchase of military hardware from Russia, were earlier being routed through Syndicate Bank.
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