World

Stop Importing Oil From Iran By November Or Face Sanctions: US To India

DIVYIA ASTHANA | 0
2920
| June 27 , 2018 , 11:05 IST

The US, after withdrawing from the Iran Nuclear Deal in May and reimposing sanctions on the oil-producing nation, has asked all countries including India, to stop oil imports from Iran by November or else face sanctions from the US, media reported on Wednesday.

Despite India and China being major importers of oil from Iran, there would be no exception for either in continuing to import the oil, as the US expects the imports to end entirely at the zero mark.

ALSO READ: US Dollar Value Falls As Trump Imposes 25 % Tariff On Chinese Imports Worth $50 Billion

"Their (India and China) companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015. And yes, we will certainly be requesting that their oil imports go to zero. Without question," a US State Department official said on condition of anonymity.

The imposition of sanctions on India over oil import from Iran is likely to emerge as a major topic of discussion between India and the US during the first 2+2 dialogue next week. External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman will be in the US to meet with their American counterparts Secretary of State Mike Pompeo and Defence Secretary James Mattis.

Iran is currently the third largest supplier of oil to India. Stopping the import of oil from Iran would correspondingly result in a massive hike in the price of fuel in India, considering that India meets most of its fuel needs through imports.