India's crude oil import from Iran has been in focus recently after the US administration asked its allies to stop importing from its adversary. Government sources told CNBC that the Indian government has not taken any final decision yet in this regard and talks with the Oval Office are expected later this month. However, it is a worrying situation for India as it is looking for some kind of waiver as far as sanctions on Iran are concerned. At the same time, it is learnt that the rial-rupee mechanism is being looked at for any kind of transactions. India is one of Iran's major partner when it comes to oil imports. This mechanism worked in the past in 2012 when there were sanctions against Iran. Sources also said there are positive indications as far as India’s engagement with Iran and Afghanistan on Chabahar Port is concerned. The US has said this project is not going to be impacted but the pressure on India and other countries continue.
Add new comment
Read our comment policy before posting your viewpoints