In what could be considered a relief for India, the United States has broadly agreed to give India a waiver from the sanctions it has re-imposed on Iran. This development comes after India decided to cut oil imports by nearly a third in 2018-19, The Economic Times has reported.
US had earlier set a deadline of 4 November for countries importing crude oil from Iran to cut their oil imports gradually to zero. Any country or company trading with Iran post the deadline would have to face sanctions by the United States, the largest economy in the world.
India has been, for months, negotiating with US for a waiver on oil imports from Iran as the Iranian oil comes cheaper and is suitable for many Indian refineries’ technical configuration. Read More
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