India on Tuesday put an end to speculation over its oil imports from Iran saying it will continue to buy oil from Tehran and will not seek any waiver from the United States.
“We will not seek any waiver,” foreign secretary Ranjan Mathai said at a media briefing.
New Delhi has been trying to play a balancing act between its critical oil imports from Tehran which meets 12 per cent of its oil needs, and its ties with the US.
“We have accepted sanctions imposed by the United Nations. We do not accept sanctions by individual countries. We will continue to buy oil from Iran,” he said clarifying India’s stand on the issue.
India is Iran’s second largest crude oil buyer and pays $1 billion every month to Tehran, through the Turkish arrangement.
Last month US president Barack Obama signed a bill empowering the US authorities to impose penalties on foreign banks dealing with the Central Bank of Iran to settle oil import payments. India fears that fresh US sanctions may force Turkey to cease the payment arrangement to Tehran.
A high-level ministerial delegation comprising officials from the finance, oil, external affairs ministries, and the Reserve Bank of India left for Tehran on Tuesday to work out a fresh mechanism to overcome the crisis. “The delegation will work out a mechanism for oil payments to Iran,” Mathai said.
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