India must not waste any time and be ready with Iran plan, or else it may find itself in a tough spot as the sanctions reimposed by the U.S. will kick in in November. The U.S. president Donald Trump intends to implement sanctions on Tehran, Iran, who is the biggest supplier of crude oil for India. The deal is of the highest importance for India as in one hand it will get cheap crude oil from Iran and patterning with the U.S., the biggest economy in the world has its own benefits. In addition, Iran is the third largest supplier of oil to India. In 2017-18, India imported about 22 million tonnes of oil from Iran, thus, the advantages of dealing with Iran cannot be overlooked. Dealing with Iran’s supply is suitable for Indian refineries, especially, Petrochemicals Ltd. And Mangalore Refinery. The sudden closing of the tap will be catastrophic for them. Clearly, India needs a plan.
Will The U.S. Be A Sane Choice Than Iran?
Recently, the U.S. sent a team to explain in detail the conditions of the sanction plan. The India government was told that it will impose a sanction in two stages, the first will kick in August and second in November. It’s the second stage that has piqued global attention as it contains deals with petroleum trade. However, no one knows about the specifics of the sanction. However, the U.S. clearly stated that India must slow down its import from Tehran. It’s not the first time that Iran is under threat regarding its importers. However, India must not wait any longer and come to a decision as the U.S. is under the government of Trump, who is well known for his eccentric decisions and unpredictable, aggressive behavior. Recently, The Economic Times reported that The Indian financial sector has already begun to efforts to shut out its exposure to Iran and safeguard transactions. So, it’s clear that India has to make quick political plans to deal with the sanctions as it can no longer partner up with China and Russia.
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