India is among 8 countries that will receive a waiver from U.S. Sanctions on Oil Trade with Iran.
Timeline:
In May 2018, U.S. President Donald Trump announced that the S. is pulling out of the Iran Nuclear Deal.
Sanctions:
This led to re-triggering of sanctions imposed prior to nuclear deal. These target Iran’s ability to purchase U.S. Dollar notes & Trade in metals, besides other currency transactions.
These sanctions will kick-in from November 4, 2018 targeting Iran’s oil exports and energy sector.
Sanctions waiver:
On November 2, 2018, Secretary of state Mike Pompeo announced that 8 countries including India, which is the second largest importer of crude oil from Iran, will receive sanction waivers to keep buying oil.
Thus, these 8 countries can import, but at lower levels after November 5.
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