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India To Deal With The US Sanction On Iranian Oil Import
BUSINESS ECONOMICS
|May 16-31, 2019
The Indian government has recently gone on record stating that India is sufficiently prepared to deal with the impact of the US decision to end waivers that allowed India to buy Iranian oil without facing sanctions.
The Ministry of Petroleum and Natural Gas said in a press release, “The Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards. The Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products in the country.”
US President Donald Trump on April 22, 2019 announced his decision of not granting sanction exemptions to any oil importer dealing with Iran. The US has also demanded that all importers of Iranian oil must stop importing oil from Iran from May 1, 2019 or face tough economic sanctions.
The Indian External Affairs Department spokesperson, Raveesh Kumar said, “The government has noted the announcement by the US government to discontinue the ‘significant reduction exemption’ to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision.”
How will the US decision impact India
This story is from the May 16-31, 2019 edition of BUSINESS ECONOMICS.
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