India to observe US sanctions on Iranian oil, will buy from other oil producing nations

External Affairs Ministry spokesman Raveesh Kumar said the government would continue to work with partner nations, including the United States, to find ways to protect India's energy and economic security interests.

us iran oil sanctions, US india oil sanction, US india waiver for oil, iran oil sanctions, us iran oil sanction waivers, india iran oil sanctions, india iran oil sanction impact, india oil imports, us iran oil ban

FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi/File Photo/File Photo

India said Tuesday it will buy crude oil from other major oil producing countries in view of the United States’ decision this week to end waivers that allowed it to buy Iranian oil without facing US sanctions.

External Affairs Ministry spokesman Raveesh Kumar said the government would continue to work with partner nations, including the United States, to find ways to protect India’s energy and economic security interests.

India bought 23.6 million tons of Iranian oil in the financial year ending in March 2019, said Y.K Baweja, Petroleum Ministry spokesman. He did not give details of India’s plans after the U.S. waiver ends on May 2.

Also Read: US ends waiver for Iran oil, India second biggest buyer after China

Iran was the third largest oil supplier for India after Iraq and Saudi Arabia. Imports account for more than 80 per cent of India’s oil needs.

In November, the US granted a six-month waiver to India and seven other countries to continue importing oil from Iran. Washington decided to eliminate all Iranian oil revenue, which it says funds destabilising activity throughout the Middle East and beyond.

The sanctions would choke off more than $50 billion a year in Iranian income, U.S. Secretary of State Mike Pompeo said in Washington on Monday.

Stay updated with the latest - Click here to follow us on Instagram