India to get U.S. sanctions waiver on oil trade with Iran

Posted on:03 Nov 2018 10:01:32
India to get U.S. sanctions waiver on oil trade with Iran
03 November 2018 Current Affairs:

Eight countries are given exemption once U.S. sanctions against Iran kick in on November 5. India is one among the 8 countries that will receive a waiver from U.S. sanctions on oil trade with Iran.

On May 8, the U.S. President Donald Trump announced that it is pulling out of the Iran nuclear deal.  Sanctions imposed prior to nuclear deal are re-triggered. These targets Iran's ability to purchase U.S. dollar notes and trade in metals, besides other currency transactions. From November 4, other sanctions will kick in targeting Iran's oil exports and energy sector. On November 2, Secretary of State Mike Pompeo announced that 8 countries including India, which is the second largest importer of crude oil from Iran, will receive sanction waivers to keep buying oil.


Eight countries are given exemption once U.S. sanctions against Iran kick in on November 5. India is one among the 8 countries that will receive a waiver from U.S. sanctions on oil trade with Iran.

On May 8, the U.S. President Donald Trump announced that it is pulling out of the Iran nuclear deal.  Sanctions imposed prior to nuclear deal are re-triggered. These targets Iran's ability to purchase U.S. dollar notes and trade in metals, besides other currency transactions. From November 4, other sanctions will kick in targeting Iran's oil exports and energy sector. On November 2, Secretary of State Mike Pompeo announced that 8 countries including India, which is the second largest importer of crude oil from Iran, will receive sanction waivers to keep buying oil.


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