Ready to deal with impact! India’s strong stand on end of waivers from US sanctions on Iranian oil import

The US sanctions on Iranian oil is burning issue from last months. As six-month-long exemptions from US sanctions to buy oil from Iran ended, India on Thursday stated that she will deal with the issue based on three factors, the country’s energy security, commercial consideration, and economic interests.

External Affairs Ministry Spokesperson Raveesh Kumar said in a media briefing, “ India was prepared to deal with the impact of the US decision”.

On this Raveesh Kumar said, “There will be additional supplies from other major oil-producing countries based on our robust plan drawn up by the Ministry of Petroleum”.

In November, the US had granted a six-month waiver to India, China, Greece, Italy, Taiwan, Japan, Turkey, and South Korea to continue importing oil from Iran. The temporary waiver ended on Thursday.

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Further, Raveesh Kumar stated, “Giving a direct answer will be difficult…I can only reiterate that whatever decision will be taken, it will be a combination of different factors. Energy security is one of them. Commercial considerations will be number two and third will be the economic security interests”.

Last year, Swaraj had said India will continue trading with Iran despite US sanctions, asserting that it only recognizes UN restrictions.

Sushma Swaraj said, “We only recognize UN sanctions. We do not recognize any country-specific sanctions”.

The world’s third-biggest oil consumer, India meets more than 80% of its oil needs through imports. Iran is its third largest supplier after Iraq and Saudi Arabia and meets about 10% of its total needs.


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