The US on Monday is set to ask five nations, including India and China, to completely end their imports of Iranian oil or be subject to US sanctions, a media report said, a decision that comes about a year after America quit the Iran nuclear deal and imposed toughest ever sanctions on the Persian Gulf nation.
The move which is seen as an escalation of the US President Donald Trump administration's "maximum pressure" on Iran comes after it last year gave temporary 180-days waiver to eight countries, including India, China and Japan among others.
The decision allowed them to continue buying Iranian oil as they showed "significant reduction" in oil purchase from Tehran, the Washington Post reported on Sunday.
"On Monday morning, Secretary of State Mike Pompeo will announce to the media that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate," two State Department officials were quoted as saying to the paper.
The waiver to India was also seen as a recognition by Washington of New Delhi's role in development of the port on the Gulf of Oman, which is of immense strategic importance for the development of war-torn Afghanistan.
In May 2016, India, Iran and Afghanistan had inked a pact which entailed establishment of Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran, besides multi-modal transport of goods and passengers across the three nations
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
