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India may get waiver from US on business with Iran

By Religare
|

While stating that India has made considerable progress in decreasing oil imports from Iran, the world's largest economy today indicated that the country might soon receive fresh waiver from the sanctions imposed on doing business with the Persian country.

"I think India has made tremendous progress in reducing the level of its importation of Iranian oil. India has long been a leader in non-proliferation, stood side by side with all of us in the international community to say that Iran should not acquire a nuclear weapon," US Under Secretary of State for Political Affairs, Wendy Sherman said.

 

When asked about possibilities of US to waive off sanctions against business with Iran, she said,"that decision will be made shortly and all of the data is certainly pointing in a positive direction."

This indication came as the country has reduced its dependence on Iran for crude oil. In the current fiscal, the company has purchased less than 13 million tonnes of crude from Iran, as against 18.1 million tonnes of oil purchased in the previous fiscal.

The waiver will enable the country to continue import oil from Iran in some quantity without facing a backlash from the US.

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Story first published: Friday, May 24, 2013, 23:33 [IST]
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