Will consider some waivers on Iran sanctions

Marco Green
July 17, 2018

Monday's remarks by Foreign Ministry spokesman Bahram Ghasemi came after Trump last week said that with the USA increasing sanctions on Iran, "at a certain point they're going to call me and say 'let's make a deal, ' and we'll make a deal".

On the United States sanctions, the government has been maintaining that it will go by what is in the country's national interest.

The United States wants to avoid disrupting global oil markets as it reimposes sanctions against Tehran and in certain cases will consider waivers for countries which need more time to wind down their oil imports from Iran, U.S. Treasury Secretary Steven Mnuchin said. "It's very important for the U.S.to get India on board with the sanctions policy".

Trump also announced the reimposition of sanctions on Tehran with the punitive measures impacting investments in infrastructure as well as energy.

The talks here came on a day USA treasury secretary Steven Mnuchin reportedly said in Washington that U.S. may consider providing waivers from the sanctions to some countries which require time to cut import of oil from Iran.

The talks come as New Delhi is looking at ways to balance its ties with Iran that it considers a key partner in energy and connectivity with those with the USA, who New Delhi views as a vital source of cutting edge technology and investments.

The US delegation is here as part of the Trump administration's efforts to reach out to countries who are major importers of oil from Iran.

There were no official comments from the Indian and the U.S. side.

Andrew Lipow, president of Lipow Oil Associates in Houston, said India was expected to ask the United States to ensure adequate global oil supplies as Washington presses countries to cut back on Iran oil. The EU has passed laws rejecting USA sanctions, and forbidding their companies from complying with them.

Iran has said it will stay in the deal if it still receives the economic benefits.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia.

"To put things in context, if we were to look at Iran in total, it's exporting roughly 2.2 million barrels a day of sales, of which half is going to both China and India", he said. The remaining 45 per cent payment was remitted in rupees in accounts Iranian oil companies had with the Uco Bank.

Other reports by Click Lancashire

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