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April 24, 2019 10:59 am

India to Abide by US Sanctions on Iran After Its Waiver Ends

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An oil fuel truck in India, Sept. 1, 2010. Photo: John Hill via Wikimedia Commons. – India will follow US sanctions on Iranian oil and acquire crude oil from other countries, said Indian External Affairs Ministry spokesperson Raveesh Kumar on Tuesday, amid the United States announcing on Monday it will not extend waivers to countries over importing Iranian oil as part of its goal to exert maximum pressure on Tehran.

In the fiscal year ending in March 2019, India purchased 23.6 million tons of Iranian oil, according to Indian Petroleum Ministry spokesperson Y.K Baweja, who did not say what India would do following the expiration of the waivers on May 2.

Iran was India’s third-largest oil supplier after Iraq and Saudi Arabia.

Imports consist of more than 80 percent of New Delhi’s oil demand.

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The European Union blasted the US decision, with European Commission spokesperson Maja Kocijancic expressing “regret” on Tuesday, saying that the announcement “risks further undermining” the 2015 Iran nuclear deal, from which America withdrew in May 2018, followed by reimposing sanctions that were previously lifted under the agreement, in addition to enacting fresh penalties on Tehran.

Worldwide oil prices are increasing in the wake of the Monday announcement by the United States, reported the Associated Press.

On Monday, the price of oil was $74 per barrel, according to The India Times.

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