The US is working with allies to ensure adequate global oil supplies after its sanctions barred nations from buying Iranian crude, US treasury secretary Steven Mnuchin said on Friday. He spoke to reporters during a trip to India.
The US on Monday is set to ask five nations, including India and China, to completely end their imports of Iranian oil or be subject to US sanctions, a media report said, a decision that comes about a year after America quit the Iran nuclear deal and imposed toughest ever sanctions on the Persian Gulf nation.
India hopes the US will allow its allies to continue to buy some Iranian oil instead of halting the purchases altogether from May, a source familiar with US-India talks said on Monday.
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.
India’s oil imports from Iran increased by some 5 percent between March 2018 and March 2019 compared to the previous fiscal year through March 2018, because Indian refiners rushed to buy Iranian oil before the U.S. sanctions
India has reduced the amount of oil imported from Iran, but does not intend to abandon the purchases completely, Indian Ambassador in Russia Bala Venkatesh Varma said Tuesday.
India is in talks with the United States to extend a waiver on sanctions imposed on Iran’s crude oil exports, a senior Indian official said on Thursday.
US Special Representative for Iran Brian Hook said on Saturday Washington was not looking to grant any more waivers for Iranian oil after the reimposition of US sanctions.
India has imported oil and gas worth over $3 billion from the United States (US) in 2018 which will help bring down the trade imbalance significantly, a senior government official has said.
The Indian government will use the escrow accounts of five Iranian banks held with the state-run UCO Bank for oil transactions with Iran, reports Economic Times (ET). This workaround is expected to allow the country to circumvent US sanctions on Iran.