India likely to get fresh US waiver on biz with Iran

India may soon get a fresh waiver from the sanctions imposed on doing business with Iran, the US indicated today while noting that India has made "tremendous progress" in reducing imports of oil from the Persian nation.

"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 told reporters.

"That decision will be made shortly and all of the data is certainly pointing in a positive direction," she said when asked whether the US could grant a fresh waiver to India to conduct business with Iran.

Her indication of a third waiver comes against the backdrop of India's moves to reduce Iranian crude purchases to less than 13 million tonnes in the current financial year from 18.1 million tonnes last fiscal.

"We greatly appreciate all of the leadership that India has provided including their imposition of sanctions," Sherman said.

India along with some other countries like China and Japan have cut their oil imports from Iran to secure waivers. This enables them to continue imports of oil to some quantity without facing a backlash from the US.

The sanctions imposed by the US on Iran in view of its controversial nuclear programme prohibit any country to engage them in the field of commerce.