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US agrees to ease sanctions on India for importing oil from Iran

India, which is heavily dependent on Iran for crude oil supplies, is close to sealing a deal with the United States, which will allow the country to continue trade with Iran, PTI reported. US President Donald Trump, in May this year, re-imposed economic sanctions on Iran by withdrawing the 2015 nuclear accord.

The US may allow soon India to continue buying crude oil from Iran without attracting any sanction after it agreed to cut imports and escrow payments, PTI reported quoting sources. The Iran sanctions deadline is ending on November 4. Other countries may negotiate with the US for waivers. The US plans to re-impose oil-related sanctions on Iran on November 4 to choke the Islamic Republic’s biggest source of income and pressure it to renegotiate a new nuclear deal. Any country, or company, trading with Iran without US consent after sanctions kick off risks getting cut off from the American financial system.

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