India defies US sanctions, will continue to import Iranian oil

According to a report published by the Economic Times, India is all set to continue importing oil from Iran despite the looming threat of US sanctions kicking in from November 4. State refiners Indian Oil Corp will import 6 million barrel and Mangalore Refinery and Petrochemicals will import 3 million barrels from the Persian state in November while India is zeroing in on an alternative payment channel, preferably rupee trade as dollar payment channels will be blocked as the sanctions come into force.

Apart from the several trade sanctions already imposed on Iran, the United States of America plans to impose oil-related sanctions from November with the hope of bringing the Persian state to negotiating table over its nuclear advancement and ballistic missile programme. Although, Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

Sources claim India and Iran are discussing reverting to rupee trade after the sanctions are kicked in.  A source said that Iran has been irregular in taking rupee payments for oil it sells. “This rupee it uses for paying for imports of medicines and other commodities. A similar arrangement is in works,” he added. UCO Bank and IDBI Bank have been identified to make the payments as the two banks have no exposure to the US financial market. Sources claim that this time around it is expected that 100% trade payment will be done in Rupees.

- Advertisement - - Article resumes -

India is planning to import about 25 million tonnes of crude oil from Iran in the current fiscal, up from 22.6 million tonnes imported in 2017-18. But the actual volumes imported may be quite less as companies like Reliance Industries have totally stopped buying oil from Iran in a hope of winning a sanction waiver from the US.

As an attempt to lure India, The United States of America is now actively considering waivers and hoping to dissuade Indian government from buying Iranian oil. The US official said that it was a first time that the US government is in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that some buyers of Iranian oil would take a “little bit of time” to unwind their trade with Iran and their administration are weighing the proposition of waivers on embargo but warned that it will be time-bound.

Coming on the heels of India’s procurement of S-400 Triumf Air Defence System from Russia despite strong reservations raised by the USA, in the diplomatic circles, it is considered as an audacious move by India, defying the US yet again and continuing their trade with the ostracized nation. Of-late India has shown the strength and appetite to go against powerful nations to pursue her interests. The age-old adage of “Nation-states are driven by their self-interests” is truly manifested in letter and spirit by India in the last few months when it stood up against the irredentist claims made by bullying China in Doklam and recently, when it refused to cower down by the USA over signing the deal for S-400 Triumf with Russia.

Share and Support:
Support OpIndia by paying for content

Most read articles recently

Ghaziabad: Stray dog, mother of five puppies, raped and dragged to death by Nafees and Tauseef

Nafees, one of the accused, has reportedly confessed to the crime of raping the animal several times before dragging her through the streets

Here is what connects attack on Akshaya Patra, French NGO against Rafale and demonization of Amarnath Yatra

The web of foreign-funded NGOs that demonised the Amarnath Yatra, French NGO that complained against Rafale in France and the demand to remove Akshaya Patra from midday meals contract

Activist opposing Akshaya Patra’s mid-day meal contract thinks ‘Brahmins obstruct India’s development’

The Akshaya Patra has come under criticism recently for not including onion and garlic in its mid-day meals for school children.

Loans waived by Congress govt in MP, but here are the ‘conditions apply’ that farmers should see

One of the main poll promises in the run-up to 2018 elections was farmer loan waiver. Rahul Gandhi and all Congress leaders harped on farmer loan waiver.

Rajasthan Police ends up declaring a true incident as ‘fake news’ on Twitter

In a video being widely shared, a person can be heard complaining about 'Aurangzeb Rule' in Rajasthan and the people sharing the video claim it is from Utambar, Rajasthan.

All you need to know about Congress’ Chhattisgarh CM elect: Bhupesh Baghel, who was once jailed in sex CD case

Congress leader and Chhattisgarh CM elect Bhupesh Baghel is currently out on bail in sleaze video case

Zee News issues defamation notice of Rs 1000 crore to Congress leader Navjot Singh Singh

Sidhu had allegedly threatened the Zee News when he had said “nani yaad dila denge” after Zee News had shown a video ‘Pakistan Zindabad’ slogans were raised at an election rally

#GoBackSonia trends on Twitter ahead of Sonia Gandhi’s Tamil Nadu visit to inaugurate Karunanidhi’s statue

Twitter is abuzz with #GoBackSonia trend as Sonia Gandhi is going to Chennai to inaugurate the statute of DMK founder Karunanidhi.

After spreading negativity during Diwali, Times Now is in a festive mood during Christmas

Times Now's tweets reflect the general attitude of the Indian elite towards Hindu festivals. While everything negative is associated with Hindu festivals, an aura of celebratory mood is spread on the occasion of Abrahamic festivals.

Debt ridden farmers receive recovery notices in Karnataka even as Rahul Gandhi claims state had waived farmer loans

The Congress party's promise of loan waiver in Karnataka seems to be a hoax as farmers are being constantly harassed with notices to repay the loans.

Latest articles

Connect with us

125,779FansLike
98,237FollowersFollow
6,368SubscribersSubscribe

Don't miss these