Economy 02-11-2018

India negotiates with the US an exemption to continue importing Iranian oil

India hopes to reach a deal with the United States to continue buying Iranian oil after the new sanctions against the Persian country are activated on November 4, a diplomatic source said.

"We try to agree on this matter so that supplies continue," an official with the Foreign Ministry of India told Sputnik.

The diplomat indicated that his country already held several rounds of consultations with the United States and other actors.

"India depends to a large extent on oil imports and this is also dependent on its economic growth," he said.

He warned that the cessation of imports of Iranian crude will cause the rise in fuel prices within the country.

The diplomat noted that Washington continues to insist that India reduce trade with Iran.

On November 1, the spokesman of the Ministry of Foreign Affairs of India, Ravish Kumar, announced that his country was continuing consultations with all interested parties to maintain its energy security and defend its national interests.

Last May, US President Donald Trump announced his country's withdrawal from the nuclear pact, accusing Tehran of secretly developing a nuclear program, despite the fact that 12 consecutive reports by the International Atomic Energy Agency (IAEA) affirmed otherwise.

In August, Washington reestablished unilateral sanctions against Iran's auto sector, trade in gold and precious metals, as well as those related to the Iranian currency.

On November 4, the other restrictions that the US had suspended within the framework of the nuclear agreement, including those related to the oil sector, should come back into force.


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