India’s temporary reprieve along with seven other countries to buy Iranian oil is expected to end shortly, with the United States slated to terminate the conditional waiver.
The US had granted exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey ‘to ensure a well-supplied oil market’ in November last year for six months after it reimposed sanctions on the Persian Gulf nation.
The US move comes in the backdrop of ongoing elections in India to chose the 17th Lok Sabha. Indian strategic planners have been worried over short-term supply disruptions, given that the country’s energy needs are primarily met through imports.
India will need to come up with options that offer terms as attractive as those offered by Iran. Read More
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