Major Russian, Indian Energy Firms Reported Moving To Pull Out Of Iran


Major Russian, Indian Energy Firms Reported Moving To Pull Out Of Iran

The threat of U.S. sanctions has prompted Russian oil giant Lukoil to put its plans to develop projects in Iran on hold while the Indian company that owns the world’s largest oil refining complex plans to stop buying oil from Iran, Reuters is reporting.

Both developments on May 30 showed the difficulty faced by governments like Russia, France, and India which have vowed they will maintain their business ties with Iran despite a U.S. decision to withdraw from Iran’s nuclear deal with world powers and reimpose sanctions.

The United States announced earlier this month that is abandoning the 2015 agreement and will by November reinstitute tough and far-reaching U.S. sanctions which were lifted under the deal in exchange for curbs on Iran’s nuclear activities.

A Lukoil official told investors on a conference call on May 30 that “considering the latest developments, I guess, it’s too early to say what our plans [about Iran] will be. For the moment, basically, we have everything on hold.” Read More

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