India is studying the implications arising out of the United States' decision to not grant any additional sanction waivers for Iranian oil imports, government sources said.
"We have seen the announcement by the US Secretary of State. We are studying the implications of the decision and will make a statement at an appropriate time," the sources added. This comes after US Secretary of State Michael Pompeo announced that no fresh sanction waivers will be issued to existing importers of Iranian oil, including India.
In November last year, the State Department had issued 180-day waivers to eight countries -- including India -- to give them more time to find alternative sources of oil. The waivers are set to come to an end on May 2.
"Today we are announcing the United States will not issue any additional Significant Reduction Exceptions to existing importers of Iranian oil," an official press release quoted him as saying.
This is a part of the USA's plan of "dramatically accelerating" their pressure campaign on Iran "in a calibrated way," Pompeo added.
"We stand by our allies and partners as they transition away from Iranian crude to other alternatives. We have had extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other major producers to ease this transition and ensure sufficient supply. This, in addition to increasing U.S. production, underscores our confidence that energy markets will remain well supplied," the Secretary of State stated.
"We will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behaviour, respect the rights of the Iranian people, and return to the negotiating table," he said.
China and India are currently the largest importers of Iranian oil. Three of the eight countries who received the waivers -- including Greece, Italy, and Taiwan -- have already reduced their Iranian oil imports to zero, according to The Washington Post.
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