India is excluded from the US sanctions against Iran | Finance and Markets

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India is excluded from the US sanctions against Iran because of its strong dependence on Iranian oil and because it has already reduced its imports of raw materials. The country’s biggest supplier of black gold is Iraq, followed by Iran and Saudi Arabia.

The local authorities pointed out that India has reduced its imports of Iranian oil during the previous series of sanctions. The imports cover 80 percent of country’s energy needs and Iranioan oil is vital for the thriving economy.

The United States yesterday restored its sanctions to the Iranian oil sector, canceled under the Iranian nuclear agreement of 2015.

Earlier, it was reported that South Korea was also excluded from the sanction regime. The country is Iran’s largest buyer of Iranian oil.

Earlier yesterday, the US Secretary of State Mike Pompeo said that China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey would be temporarily relieved of the new sanctions against Iran, which the United States aims to prevent destabilization of the global energy market.

The exclusion from the sanction is for up to 180 days.