As the countdown to the US re-imposing crippling sanctions on Iran nears its end, India hopes Washington will give Asia’s third largest economy, which is heavily dependent on imported fuel, a reprieve from sanctions on buying oil from Tehran.
“Cautiously optimistic” was how one Indian official put it last week when asked about the prospects of the US showing leniency toward India when debilitating strictures to choke Iran’s energy sector come into force on 4 November. Foreign entities, including financial institutions doing any kind of business with Iran, will come in for punishing penalties from then on.
Though India says it will only observe UN sanctions and not those imposed by countries, in this case the US, its options are severely limited. Read More