India balances Iran trade visit and Clinton oil calls

India will walk a diplomatic tightrope next week as it plays host to US Secretary of State Hillary Clinton at the same time as a large Iranian trade delegation visits seeking to circumvent tough US sanctions that have strangled Irans economy

India will walk a diplomatic tightrope next week as it plays host to US Secretary of State Hillary Clinton at the same time as a large Iranian trade delegation visits seeking to circumvent tough US sanctions that have strangled Irans economy.

The energy-hungry South Asian nation has publicly rejected Western sanctions but has privately pushed refiners to cut imports of oil from Iran by 15-20 percent enough,it hopes,to win a waiver from Washington during Clintons two-day visit.

She might announce a waiver for us… India has done enough to get that, said an official privy to Indian talks with Iran and the US.

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India and China,Irans biggest buyers of crude,remain on a list at risk if they do not cut oil imports substantially.

The US and European Union sanctions have made paying for Irans oil difficult for India,which is using a Turkish bank currently,and the two sides have set up a rupee mechanism for about 45 percent of the $11 billion a year oil imports.

India had hoped to boost exports to Iran in order to reduce the trade imbalance between the two but trade discussions in Tehran earlier this year were unproductive.

The rupee mechanism has up to now just been used to clear a backlog of export debts and payments total Rs 380 crore so far.

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On Sunday,a 56-member Iranian delegation led by Yahya Al Eshagh,president of the countrys chamber of commerce,arrives for another round of talks over what India can sell to Tehran.

Exporters also want clarity on the latest tightening of US sanctions that target foreigners helping Iran evade sanctions and bar them from access to the US banking system.

The Indian government should take up the matter… it is an infringement of the sovereignty of a nation. We are in the rupee system … we are not in the US banking system, said Shahrukh Khan,a governing body member of the India-Iran Chamber of Commerce and Industry.

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