US grants India waiver from Iran sanctions

November 1, 2018

The US has agreed to grant India a waiver from Iran sanctions. This will allow Indian oil companies to continue to import about 1.25 million tonnes (mt) of oil per month from Iran till March 2019. Any country or company trading with Iran without the consent of the US after sanctions kick off risks getting cut off from the American financial system. India, China and Japan are among eight countries which have been temporarily allowed to continue buying Iranian oil. The reason being given is that these countries showed a significant reduction in oil purchase from Iran after the US reimposed sanctions against the country.