India can probably get by without importing crude oil from Iran, which is to face another round of sanctions aimed at crippling its oil exports, but India needs to be pro-active to handle the rising trade barriers around the world, says Frank-Jürgen Richter, chairman of Horasis, an independent think-tank which brings together policy makers and business leaders from China, India and Southeast Asia together.
In an exclusive telephonic interaction with ToI, Richter said that the second round of sanctions by the US against Iran, set to go into force from November 4, was unlikely to have any long-term impact on India’s oil-import bill.
“India is the third largest oil importing country after China and the United States. The impact of the US enforcing the Countering America’s Adversaries Through Sanctions Act, or CAATSA, on India is likely to be of a secondary nature, because Iran is the primary target,” Richter said in the telephonic call from Zurich, Switzerland, where Horasis is based. Read more