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Govt readies to reduce oil imports from Iran to zero

During the previous round of sanctions, India was one of the few countries that continued to buy Iranian oil

Nidhi Verma | Reuters  |  New Delhi 

India's oil ministry has asked refiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran. India has said it does not recognise unilateral restrictions imposed by the United States, and instead follows UN sanctions. But the industry sources said India, the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the US financial system. India's oil ministry held a meeting ...

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First Published: Fri, June 29 2018. 03:22 IST