India defies US sanctions, will continue to import Iranian oil
6 years, 3 months ago

India defies US sanctions, will continue to import Iranian oil

Op India  

According to a report published by the Economic Times, India is all set to continue importing oil from Iran despite the looming threat of US sanctions kicking in from November 4. State refiners Indian Oil Corp will import 6 million barrel and Mangalore Refinery and Petrochemicals will import 3 million barrels from the Persian state in November while India is zeroing in on an alternative payment channel, preferably rupee trade as dollar payment channels will be blocked as the sanctions come into force. As an attempt to lure India, The United States of America is now actively considering waivers and hoping to dissuade Indian government from buying Iranian oil. Secretary of State Mike Pompeo said in India last month that some buyers of Iranian oil would take a “little bit of time” to unwind their trade with Iran and their administration are weighing the proposition of waivers on embargo but warned that it will be time-bound.

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