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India, China among 8 countries allowed to buy Iranian oil: Pompeo

Press Trust of India  |  Washington 

India, and are among eight countries temporarily exempted from the US sanctions for buying Iranian as they showed significant reduction in purchase from the country after the reimposed crippling sanctions on Tehran, said on Monday.

Pompeo vowed that the US will be "relentless" in pressuring as he announced the list of the countries temporarily exempted from the sanctions during a press conference broadcast live.

Italy, Greece, South Korea, and also figure in the list released by Pompeo.

The US on Monday imposed "the toughest ever" sanctions on a defiant aimed at altering the Iranian regime's "behaviour".

The sanctions cover Iran's and and reinstate penalties for countries and companies in Europe, and elsewhere that do not halt Iranian imports.

While the US had previously wanted countries including to completely halt from by November 4, it seems to have relented considering the havoc the move to completely take out Iranian supplies from the market would have had on prices.

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports. Iran is its third-largest supplier after and and meets about 10 per cent of total needs.

Currently, pays its third largest in euros using European channels.

In May, pulled the US out of the 2015 landmark Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous". Under the Obama-era deal, involving five permanent members of the and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions.

After the US' withdrawal from the deal, Trump signed fresh sanctions against Iran and warned countries against any cooperation with over its controversial nuclear weapons programme.

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes.

Iranian oil is a lucrative buy for refiners as the nation provides 60 days of credit for purchases, terms not available from suppliers of substitute crudes -- Saudi Arabia, Kuwait, Iraq, Nigeria, and the US.

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

First Published: Mon, November 05 2018. 19:35 IST