India, China Among 8 Countries Exempt From US Sanctions on Iran Oil
Secretary of State, Mike Pompeo, announced temporary waiver for eight countries, including India, China, Taiwan, Italy, ROK, Japan, Greece, and Turkey, for oil trade with Iran.
Pompeo told the media sources, “Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world. Our ultimate goal is to encourage them to abandon their revolutionary course.”
He further said, “Iranian regime can either do a 180-degree turn from its course of action and act like normal country or see its economy crumble. Hope new agreement with Iran’s possible but until it makes changes in 12 ways I listed in May; we’ll be relentless in exerting pressure on it.”
The United States wanted countries including India to stop purchasing oil from Iran by November 4. India is the world’s third-largest oil consumer. India fulfills its 80 percent oil needs through imports. And Iran is the third largest supplier. India pays Iran in euros using European banking channels.
Also Read: US wants India to stop oil imports from Iran
Washington asked India to reduce the purchases to Zero. But, India resisted Washington’s call, citing the energy needs of their 1.3 billion people. But keeping everything in mind, India has taken significant steps to reduce oil purchase from Iran.