India prepared to deal with US decision to end Iran oil waivers

decision not to renew waivers that allowed India and other seven countries to import Iranian oil without facing sanctions. “The government has noted the announcement by the US government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision,” Indian Ministry of External Affairs Spokesperson Raveesh Kumar said.

The US had given temporary wavier to eight countries including India, China, South Korea, Japan, Greece, Taiwan, Turkey and Italy to purchase oil from Iran without facing US sanctions.

Three countries including Italy, Greece and Taiwan already stopped importing Iranian oil while Turkey expressed its displeasure over the US decision saying it will not serve peace or regional stability.

Iran, which is considered third largest supplier of oil to India after Iraq and Saudi Arabia, responded to the US decision saying that Tehran did not give any value or credibility for waivers granted to its oil customers.

US President Donald Trump had withdrawn from the 2015 nuclear deal Iran between Iran and 5+1 nations including the five UN Security Council permanent members and Germany and reimposed sanctions last August targeting mainly the banking system to be followed by the second phase of sanctions targeting the energy sector.

Source: Kuwait News Agency