India may request exemptions from the US to buy Iranian oil.

India is seeking exemptions from the United States in order to buy Iranian oil -0.54% and will work to establish an alternative payment tool that protects its trade with the Islamic Republic after US sanctions against Tehran, report officials familiar with the subject.

Last week, an Indian delegation, comprising senior officials from the ministries of external affairs, finance and petroleum, returned from their visit to key European capitals with a strong feeling that Europe, despite strong words, may not be able to stand up to the US pressure, according to officials. This means the European banking channel used by Indian refiners to pay for Iranian oil could just get blocked.

June 14, 2018

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