The US has allowed India and seven other countries to temporarily keep buying Iranian crude oil despite sanctions against Tehran, calming fears of a possible jump in fuel prices if supplies from the Opec country were completely choked.
Top buyers of Iranian crude India and China, along with South Korea, Japan, Italy, Turkey, Greece and Taiwan were exempted from sanctions, which the US has re-imposed, US secretary of state Mike Pompeo said on Monday. He warned those without a waiver of “swift, severe penalties” for engaging in trade with the Islamic republic.
Last Thursday, ET was the first to report that India and the US had reached a broad understanding that would allow New Delhi to keep buying Iranian crude oil, although at lower levels than last year. Read More