India may continue buying Iran oil despite US ending waiver

US President Trump with Prime Minister Modi (Reuters file photo)

Washington/New Delhi, (Hindustan Times),23 April 2019 - The United States on Monday said it will stop in May all waivers that allow eight nations, including India, to buy Iranian oil without facing sanctions, triggering a rise in global crude prices and a slump in Indian markets.   

People familiar with developments said the Indian government was studying the implications of the US decision and would make a “statement at an appropriate time”.   
Government officials, who asked not to be named, said Indian companies are unlikely to completely halt imports from Iran.“Even in past, despite US sanctions, Indian refiners continued to import crude oil from Iran, although in a reduced quantity,” one of those officials said   

The decision, taken by US President Donald Trump to pressure Tehran to give up its nuclear weapons and ballistic missile programmes, sent oil prices to their highest in 2019, though the White House said it was working with top oil exporter Saudi Arabia and the United Arab Emirates to ensure the market is “adequately supplied”.   

India was among eight countries granted waivers from the secondary impact of sanctions for six months to taper their import of Iranian crude to zero. The others were China, Japan, South Korea, Turkey, Taiwan, Italy and Greece. Since November, three of the eight — Italy, Greece and Taiwan — have stopped importing oil from Iran.   
The others have not, and have lobbied for the waivers to be extended.  

Government officials, who asked not to be named, said Indian companies are unlikely to completely halt imports from Iran.“Even in past, despite US sanctions, Indian refiners continued to import crude oil from Iran