India among countries exempted from Iranian oil sanctions by the US
As stated by the U.S. Secretary of State John Kerry, India is once again among a small list of countries that qualifies for an exemption from unilateral sanctions imposed by the US on countries importing oil from Iran.
Under Section 1245 of the U.S.’ 2012 National Defence Authorisation Act (NDAA), the exception granted to India, along with China, South Korea, Malaysia, South Africa, Singapore, Sri Lanka, Turkey and Taiwan, was based on India’s additional significant reductions in the volume of their purchases of Iranian crude oil. It is the fourth time when India has qualified for a NDAA exception.
Though, a major breakthrough interim deal was struck during the recent talks between P5+1 and Iran on limiting Iran’s nuclear programme but the US has cautioned that this would not offer relief from sanctions with respect to any increases in Iranian crude oil purchases by existing customers or any purchases by new customers, and the sanctions will continue to be enforced over the next six months.