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November 2018
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Friday, 02 November 2018 11:00

US agrees to grant India waiver from Iran sanctions

US agrees to grant India waiver from Iran sanctions

The US has broadly agreed to grant India a waiver from Iran sanctions, which would allow Indian oil companies to continue to import about 1.25 million tonnes of oil a month till March from Tehran, sources familiar with the matter said, adding that an official announcement could come over the next few days, Caspian Energy News (www.caspianenergy.net) reports with reference to the Economic Times.

The US plans to re-impose oil-related sanctions on Iran on November 4 to choke the Islamic Republic’s biggest source of income and pressure it to renegotiate a new nuclear deal. Any country, or company, trading with Iran without US consent after sanctions kick off risks getting cut off from the American financial system. The US has insisted all along that it wanted everyone to reduce oil imports from Iran to zero eventually, but was open to country-specific waivers that would allow limited imports by those pledging ‘significant’ cut.

“India and the US have broadly agreed on a waiver. India will cut import by a third, which is a significant cut,” a source said.

India had imported about 22 million tonnes of crude oil from Iran in 2017-18 and planned to raise that to about 30 million tonnes in 2018-19. But, as a condition of waiver, Indian oil firms will reduce their imports significantly, the source said. Indian companies can import 1.25 million tonnes a month up to March 2019, the source said. State oil firms are yet to decide on how this quantum will be split between them. How companies will pay for Iranian oil is still being negotiated between India and Iran, sources said, adding that it’s likely that the two countries will stick to the existing mechanism under which 55% of payment is made in euro and 45% in rupee through UCO Bank.

More details: https://economictimes.indiatimes.com/industry/energy/oil-gas/us-agrees-to-grant-india-waiver-from-iran-sanctions/articleshow/66454042.cms?utm_source=facebook.com&utm_medium=Social&utm_campaign=ETFBMain&fbclid=IwAR1s-k5V7-4OyMKzhd-vFoMRKR5UQxWR0_XNsrfgvwF20_17LXdf38YJo_A

Person in charge of the newsline: Olga Nagiyeva 

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