India preparing to pay in rupees for Iran oil

India preparing to pay in rupees for Iran oil

India preparing to pay in rupees for Iran oil

"We have not asked refiners to cut imports", the source said, in a reference to the situation that may arise when India's oil imports from Iran are potentially hit from August 2018 after Indian refiners receive a 60-day credit period for payments to Iran.

He said Indian and Chinese companies would be subject to the same sanctions as those in other countries.

The country also banned imports on 1,300 products, including appliances, textiles, and healthcare in a move to resist United States sanctions.

Now, Washington is stepping up pressure on other countries to follow suit, including European allies who begged him to stay in the accord and major Iranian customers like India, Japan and China.

China, which remained in the Iran deal after the US withdrawal, was the largest importer of Iranian oil in 2017. "I think the predisposition would be no, we're not granting waivers", the officials said to a question about granting waivers. "Without question, they should be reduced".

"The government hasn't done enough to confront the economic problems", he said, according to the semi-official ISNA news agency.

When Trump announced that the U.S. was quitting the nuclear accord, he warned that other nations would face sanctions unless they stopped trading with the Islamic Republic.

"Today, despite the financial difficulties at home, the Iranian regime is pouring billions of dollars into Syria, Hezbollah, Islamic Jihad, Yemen, and Shiite militias in Iraq", the posts said, adding that Tehran has to date invested $14 billion in Syria alone.

"We remain engaged with the EU-3 throughout this process, and we are going to continue to branch out in new countries and reach new partners as the weeks go forward", the official said. But external affairs minister Sushma Swaraj had said that "India follows only United Nations sanctions, and not unilateral sanctions by any country" days after President Donald Trump pulled out of the Iran deal.

"For the vast majority of countries they are willing to adhere and support our approach to this because they also view" Iran's behavior as a threat, the official added. "And it's gotten worse since 2015, not better, on their regional activity side", the official said.

On Monday, shopkeepers in the Grand Bazaar of Tehran joined the protests, with massive crowds quickly forming on the street chanting slogans against the government and even Supreme Leader Ayatollah Ali Khamenei.

In a recent report, the bipartisan Congressional Research Service (CRS) said as worldwide sanctions on Iran increased in 2010-2013, India sought to preserve its longstanding ties with Iran while cooperating with the sanctions regime. In January 2012, Iran agreed to accept India's local currency, the rupee, to settle almost half of its sales to India.

Rouhani, who is under pressure to change his economic team, said the fresh US sanctions were part of a "psychological, economic and political war", adding that Washington would pay a high price for its actions.

He has already emphasized that the sanctions which would be imposed on Iran would be "at the highest level".

"As always, America wants to break apart the power, glory of the Islamic Republic of Iran and grandeur of the system and the nation with a new method", Rouhani claimed, as he sought to reassure Iranians growing angry by the day over the regime's handling of the economy.

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