Iran is not the only country that will suffer greater pain under U.S. sanctions, with Washington suddenly ending waivers that enabled Tehran to export limited amounts of crude over the past six months. China and India, the two biggest buyers of Iranian crude and largest waiver beneficiaries, are also taking a hit.
Tehran and Washington still could try to defuse the tensions by negotiation. But, with that looking unlikely, the Asian importers, which earlier accommodated U.S. demands to reduce their Iranian purchases, now have to halt them completely.
Diplomatically, the Asian giants are caught between a rock and a hard place and commercially, they don’t have much choice. Read More
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