India prepared to deal with impact of US decision to end waivers on imports of Iranian oil: MEA

India on Tuesday said that it is adequately prepared to deal with the impact of the US decision to not grant any fresh sanction waivers for Iranian oil imports.

"Government has noted the announcement by the US Government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision," said Ministry of External Affairs (MEA) spokesperson Raveesh Kumar.

Kumar added, "Government will continue to work with partner nations, including with the US, to find all possible ways to protect India's energy and economic security interests."

US Secretary of State Michael Pompeo on Monday had announced that no fresh sanction waivers will be issued to existing importers of Iranian oil, including India.

In November last year, the State Department had issued 180-day waivers to eight countries, including India, to give them more time to find alternative sources of oil. The waivers are set to come to an end on May 2.

China and India are currently the largest importers of Iranian oil. Three of the eight countries which received the waivers - including Greece, Italy, and Taiwan - have already reduced their Iranian oil imports to zero, according to The Washington Post.