“India’s Iran Predicament: Striking the Right Balance,” Indian Defence Review, May 1, 2019.
The six month period of waiver granted by the United States to India, China, Japan, South Korea, Turkey, Italy, Taiwan and Greece to reduce their Iranian crude import to zero, expired on May 2. The sanctions on Iran were re-imposed on November 2018 as a part of US withdrawal from the 2015 Joint Comprehensive plan of action (JCPOA). While Italy, Taiwan and Greece has already stopped oil import from Iran, five large consumers of Iranian oil, including India are yet to put an end to the oil import. On April 22, US Secretary of State Mike Pompeo said “We will no longer grant exemptions,” to clearly indicate that the current sanctions waivers to the remaining five nations – that allowed these countries to import Iranian oil without facing US sanctions –will not be extended. Though it is still not clear how severe will be the economic penalty, in case these countries continue oil trade with Iran.