US' Decision To End Iran Oil Waivers Hurt India's Bottom Line: Envoy

India's Ambassador to the US Harsh Vardhan Shringla said India's decision to oblige US sanctions is based on the importance of the US-India relationship. "Both sides need to recognise that," he said.

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US' Decision To End Iran Oil Waivers Hurt India's Bottom Line: Envoy

It has been a challenge to find alternative sources of oil at same price, quality: Envoy


Washington DC: 

The decision of the United States to stop issuing waivers for the purchase of Iranian oil has hurt India's bottom line and New Delhi hopes that Washington will show similar flexibility in issues it considers important, India's Ambassador to the US Harsh Vardhan Shringla said on Tuesday.

"It was an important priority for the US and we went along with it. But we also expect the United States to show similar sensibility when it comes to our priorities," Mr Shringla told Sputnik on the sidelines of an event hosted by The Heritage Foundation in Washington.

"It has been a challenge to find alternative sources of oil at the same price and quality, and it has affected the bottom line in India," he said.

Mr Shringla remarked that India's decision to oblige US sanctions is based on the importance of the US-India relationship. "Both sides need to recognise that," he said.

In November last year, US President Donald Trump's administration unveiled the full extent of its sanctions against Iran, which targeted its energy, banking, shipping and aviation sectors.

Eight of Iran's top oil customers - China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - were granted waivers that allowed them to temporarily continue buying Iranian oil. Washington explained that these nations had agreed to dramatically reduce oil imports from Tehran.

In April, Washington announced that it will not re-issue waivers for Iranian oil importers after their expiry on May 2.

Tensions between Iran and the US soared when Donald Trump, a long-time critic of the 2015 Iran nuclear deal, pulled out of the agreement in May last year.



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