16
Monday
July 2018
4:38 AM IST
News Headlines
Rajinikanth Supports 'One India, One Election' Proposal        Trump asked me to sue EU over Brexit, says Theresa May        Haiti prime minister resigns after deadly unrest        Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia        Djokovic beats Anderson, wins 4th Wimbledon title        Thailand Open Super 500: PV Sindhu loses to Nozomi Okuhara in final        France clinches World Cup with win over Croatia        H-1B visa alert: Donald Trump makes things worse for Indian techies        World Cup: Belgium beat England 2-0 to finish 3rd        PV Sindhu makes final of Thailand Open, Okuhara awaits        Angelique Kerber defeats Serena Williams to win Wimbledon 2018        Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress        If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti        Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore        Social media hub like creating surveillance state: SC        World Cup: Deflated England, Belgium get ready for third place clash        First time in winter: FIFA confirms 2022 World Cup to be held between November and December in Qatar        Mental strength carried Croatia to World Cup final, says Lovren        Kohli currently best batsman because Smith not there: Ponting        Rupee up 19 paise against dollar ahead of key macro data release        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
Business News
India expecting US to get in touch with it over sanctions on Iran
 
New Delhi, July 4 (PTI) India is looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of US sanctions on buying oil from the Persian Gulf nation, official sources said today.



They said India is expecting the Trump administration to get in touch with it over the issue of imposition of US sanctions on Iran, adding the government will be able to formulate a strategy on oil import from that country following the talks.

"In the next few weeks, we expect to have some engagements on the issue with the US. We cannot pre-judge what the US will be doing," said a source.

India may likely to fall back on the rupee-rial arrangement for importing oil from Iran in case the US forces it to cut procurement of petroleum products from that country, the sources said.

India is also expected to convey to the US the importance of the Chabahar port project considering that it can be a major link for trade with war-ravaged Afghanistan.



The sources said there has been informal indication from the US that the Chabahar port may be kept out of the sanctions regime.

Shipping to Iran and ports in the country are also coming under the US sanctions.

"They understand our reasoning on Chabahar. It (the US sanctions) should be carved out in the context of Afghanistan," said the source.

The US has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone.

The sources said there was no doubt that the US was going to put pressure on India and other countries which import oil from Iran, noting, "the question is what do we see as a national interest and how do we explain our case to the US. That is still to be done."

The rupee-rial that arrangement was used to buy oil from Iran before sanctions were lifted against it three years ago.

Under the mechanism, India used to pay in euros to clear 55 per cent of its dues through Ankara-based Halk bank. The remaining 45 per cent payment was remitted in rupees in accounts Iranian oil companies had with the Uco Bank.

The first set of US sanctions on Iran will start from August 6 and second set will begin from November 4.

The sources said the US was prepared to work with countries that are reducing their oil imports on a case-to-case basis.

India is an oil dependent country and will act what is in its national interests, they said.

Last week during her visit here, US envoy to the UN Nikki Haley had said that India should snap trade ties with Iran.

According to the sources, External Affairs Minister Sushma Swaraj had not given any assurance to her Iranian counterpart Mohammad Javad Zarif about oil import from Iran when they held talks here in May.

They also said the Petroleum Ministry has not decided on cutting oil import from Iran.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

Iran had struck the JCPoA (Joint Comprehensive Plan of Action) deal with the US, the UK, Russia, China, France and Germany after years of negotiations.

In May, President Donald Trump announced that the US was withdrawing from the Iran nuclear deal signed by the Obama administration in 2015, under which Tehran had agreed to limit its sensitive nuclear activities and allow international inspectors in return for lifting of crippling economic sanctions.


Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
Mukesh Ambani announces high-speed broadband, Jio Phone 2 with WhatsApp, FB
Gadkari flags off taxi ambulance services
Nifty ends higher, hovers around 10,700-mark
No plans to close operations at Brady House branch in Mumbai: PNB
India to provide tariff concessions on 3,142 items to APTA members
Exports seem to have good performance in June: Prabhu
WhatsApp's 'one-way' broadcast mode for group chats is here
Rs 2,000 cr GST evasion unearthed in 2 months
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Trump asked me to sue EU over Brexit, says Theresa May
 (London, July 15, 2018):Embattled British Prime Minister Theresa May today revealed that Dona
Haiti prime minister resigns after deadly unrest
Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore
After UK-US spats, Trump flies in to turmoil in Britain
NATIONAL NEWS
Rajinikanth Supports 'One India, One Election' Proposal
 (Chennai, July 15, 2018):At a time when major political parties in Tamil Nadu are opposed to
Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress
If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti
Bombay HC pulls up Pune cops over probe into Rajneesh's 'will'
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.