Moments after coming out the deal Trump had signed fresh set of sanctions against Iran and warned countries against any cooperation with Tehran on its controversial nuclear weapons programmeTrump’s presidential determination, not an executive order but a kind of directive issued by the White House to the members of his adminstration on some policy matters, comes less than 100 hours before the deadline set by him for countries like India to bring its purchase of oil to zero from Iran by November
“These groups foment global instability, they use these funds to support their nuclear and ballistic missile programs, and these funds are used to line corrupt Iranian leaders’ pockets rather than help the Iranian people, who are the longest-suffering victims,” Paladino said.
Meanwhile, in its report dated October 29, the independent CRS said India reduced its imports of Iranian oil substantially after 2011, lowering purchases to six per cent of its oil imports by 2013, from over 16 per cent in 2008, in the process incurring significant costs to retrofit refineries that were handling Iranian crude.
“However, since sanctions were eased, India’s oil imports from Iran increased to as much as 800,000 bpd in July 2018 well above 2011 levels. Indian firms ended or slowed work on investments in Iranian oil and gas fields during 2012-2016, but reportedly resumed work after sanctions were lifted,” it said.
After international sanctions were lifted, India reportedly also paid Iran the USD6.5 billion it owed for oil purchased during 2012-2016.
“The degree to which Indian firms and the government of India will cooperate with reimposed US sanctions is not certain. Indian leaders assert that Iran did not violate the JCPOA and sanctions should not be reimposed on it,” the Congressional Research Service (CRS) report said.
In June 2018, India and Iran agreed to use the rupee in order to maintain economic engagement. Nonetheless, major Indian refiners Reliance Ltd. and Indian Oil Corporation Limited – citing a decision by the State Bank of India to cease transactions with Iran as complicating efforts to stay engaged with Iran – have announced they are considering cutting oil buys from Iran.
“India’s purchases of Iranian oil fell sharply from July to August 2018, and press reports say that the country might try to cut Iranian oil imports dramatically in November 2018, when US energy sanctions go back into effect,” the CRS report said.
