The sanctions bring back the punitive measures that were imposed and then lifted by former president Barack Obama who reached an worldwide agreement under which Iran moved to end its nuclear program.While the European Union (E.U.) has sought to preserve the flawed trade agreement with Iran by negotiating backdoor methods of trade, most major companies have chosen to exit the country. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).India would continue to buy Iranian oil in the current fiscal year to March but to secure the waiver may agree to further cut purchases, the source said.Oil is also under pressure from rising output by the world’s biggest producers, Russia, the United States and Saudi Arabia, which are helping to replenish global oil inventories after more than a year of stock draws.However, U.S. officials are compiling a list of those countries that have significantly reduced their oil imports from Tehran, who would qualify for waivers, and India expects to be on that list.- Financial transactions. Starting on Monday, any foreign institution that does business with Iran’s central bank or other banks in the country will lose access to the… Read full this story
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