Jan 12, 2019 10:26 Asia/Tehran
  • India will continue to import Iranian oil despite US sanctions

India's Ministry of External Affairs has announced that the country will continue to import Iranian crude oil, despite US sanctions.

Iran Press/ Asia: A spokesperson for India's Ministry of External Affairs, said on Friday afternoon during a weekly media briefing that the country will continue to import Iranian crude oil to fulfill its energy needs.

According to Iran Press, Raveesh Kumar said: "We have had several rounds of meeting with Iran and several other stakeholders. I can tell you that India continues to import oil from Iran. We have got a waiver in this regard and we will continue to be engaged with all the stakeholders as far as matters related to India's energy security are concerned."

It was just a day after Washington threatened to impose further economic sanctions against Iran.

US Secretary of State Mike Pompeo earlier called on countries across the globe to cut out Iranian oil.

The US, following withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May 2018, announced its' intention to reduce Iran's oil exports to zero.

But later the Trump administration was forced to grant waivers to eight countries including India to continue purchasing Iran’s crude oil aimed at preventing an oil price hike.

Earlier this week, India's top bank executive said that New Delhi had begun paying Iran in Indian rupees for its oil — an unprecedented move. Indian imports from Iran totaled about $11 billion between April and November, with oil accounting for about 90 per cent.

Related news:

India begins paying for Iranian oil in Rupees

India gave Iran permission to open a bank branch in three months' time to ease payment complications. 

The developments came after Iranian Foreign Minister Mohammad Javad Zarif paid a visit to India, in which he discussed bilateral relations, as well as economic and banking ties, petrochemicals, oil and energy, and transportation matters.

Related news:

Iran-India Foreign Ministers review bilateral ties in New Delhi

In a speech On Tuesday January 8, at a business forum which was attended by top Iranian and Indian businessmen, industrialists, economic experts, and activists Iranian Foreign Minister emphasized that Iran is and will be the most reliable energy provider for India.

Zarif also added, "No economic power can stop us doing business with India. No economic power can tell us you cannot have relationship with India, this can give you confidence on the partner you are choosing." 

He said, "Iran is the most reliable energy provider for India and will not allow any consideration to impede the relationship between the two countries.

Indian crude imports from Iran are expected to average about 300,000-350,000 barrel per day (bpd) during the waiver period, which ends in March. 101/ 211 / 207

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