India’s oil imports from Iran to be hit as US decides against sanctions waivers: India will no longer be exempted from the US sanctions on Iranian oil imports if it continued importing the oil from the country after May 2, the White House said in a statement on Monday. The Trump administration has announced that the US won’t renew waivers for several countries, including India, to mount pressure on Iran by impeding the revenue it gets from oil exports. Apart from that, the move is also intended to ramp up pressure on Tehran to give up its nuclear weapons and ballistic missile programme.
“President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs — as the waives are called) when they expire in early May,” the White House said in a statement. The statement further added that the move will bring Iran’s oil exports to zero, denying the regime its principal source of revenues.
Apart from India, the other countries that will face a road-breaker in oil imports from Iran are China, Japan, South Korea, Turkey, Taiwan, Italy and Greece. Further details regarding the decision will soon be shared by US secretary of state Mike Pompeo.
The White House further stated that the US, Saudi Arabia and the United Arab Emirates “have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market”.
After US President Donald Trump pulled the US out of the landmark 2015 nuclear deal, eight countries were granted sanctions waivers to find alternative energy sources to avoid shock to global oil market from the sudden removal of Iranian crude.
In November, three of the eight countries brought the purchase of crude oil from Iran to zero. The other five, including India, have not yet stopped buying the crude and asked their waivers to be extended.