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US announces India will be exempt from Iran oil sanctions

IANS  |  New York 

US announced on Monday that was exempting from the sanctions on importing from

He said the US will continue to negotiate with and the seven other countries receiving the six-month exemption to get them to cut their Iranian imports to zero.

The other countries receiving the exemptions announced at a news conference with foreign correspondents in were China, Greece, Italy, Turkey, South Korea, and

said that his department was imposing sanctions on 700 individuals, entities, aircraft and ships.

In July, US announced he was pulling out of the nuclear deal signed in 2015 by the five permanent members of the Security Council, and the with to end its nuclear weapons programme.

Trump said the sanctions that had been lifted after the agreement would be reimposed and the trade would be targeted starting Monday.

said that an important reason for the reimposition of the sanctions was Iran's promotion of terrorism and that it was aimed at curbing its "revolutionary" policies.

Pompeo said the payments made by the importers under the exemptions would be put in a special account from which could only make payments for purchases for humanitarian programmes.

imported from Iran nearly 10 per cent of the total of 220 million metric tonnes of it imported during 2017-18.

Since the reimposition of sanctions were announced, India has been cutting back on the Iranian imports.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 20:30 IST