With an over 30 per cent reduction in imports of oil from Iran in the past few months, India is hoping to be eligible for a waiver on Iran oil sanctions from this weekend. The US state department is expected to announce sanctions and waivers as the deadline for “zero oil imports” from Iran kicks in on November 5.
A state department spokesperson confirmed on Tuesday, “on November 5th 12:01, sanctions that were lifted under the Iran nuclear deal will come back into full effect. And the sanctions that are reimposed on November 5 will target critical sectors of Iran’s economy, such as energy, shipping and the ship-building sectors, as well as the provision of insurance and transactions involving the Central Bank of Iran and designated Iranian financial institutions.” Read more
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