Getting closer to 4th of November, Times of India reports that the US has agreed to grant India a waiver on Iran sanctions. Since India has agreed to cut its oil import from Iran by 35% for the next year, the US has compromised on giving India some relief on the rest of the sanctions.
The report says that oil purchased by India from Iran is settled as 55% in euros and 45% in Indian rupees. While rupees are used for importing foods and other goods from India to Iran, the euro-portion will be deposited at a bank waiting a date when the financial sanctions will be lifted.
India is the second largest costumer of Iranian petroleum. India’s import was at 22 million tonnes of oil for 2017-2018, and it had planned to reach 30 million tonnes for the coming year. However, the US has agreed to provide waivers only if India cut its import from Iran to 14-15 million tonnes.
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