Published: Mon, July 16, 2018
Worldwide | By Jermaine Blake

U.S. refuses European requests for exemptions from new Iran sanctions

U.S. refuses European requests for exemptions from new Iran sanctions

"The US will fail in its new plots", he said, referring to the impending US sanctions against Tehran.

Iran, which ramped up its exports to pre-sanctions levels over the last couple of years following the lifting of sanctions in 2016 after a deal was struck with Europe, the US, China and Russian Federation the previous year, will see its resurgent oil industry take a hit after President Donald Trump's administration exited the nuclear deal in May.

Washington announced in May it was imposing new economic penalties on Tehran after pulling out of a multilateral 2015 agreement, under which Tehran had agreed to curb its nuclear activities in return for sanctions relief.

Indian refiners will likely gain more clarity on how much the United States would like them to cut after a meeting with US officials scheduled for July 16 to 17, said an official with a state-run refiner who declined to be named due to the sensitivity of the matter.

The US has also recently canceled high-level strategic talks which were scheduled to be held between US Secretary of State Mike Pompeo, Defense Secretary James Mattis, Indian Foreign Affairs Minister Sushma Swaraj, and Defense Minister Nirmala Sitharaman.

Last month President Donald Trump withdrew the United States from the 2015 landmark Iran nuclear deal, re-imposing US sanctions that had been suspended in return for curbs on Tehran's nuclear program. Next in line could be insurers, who may refuse cover to vessels carrying Iranian oil or units that process that oil.

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The presence of an Iranian bank in India would open up a significant financial channel that would ensure the smooth flow of funds between the two countries, added the daily. Overall, India's oil imports in June rose 10.1 percent from a year ago to 4.82 million bpd, the data showed.

France says the U.S. has rejected its request to exempt French companies from sanctions that Washington plans to impose against Iran. However, those sanctions on Iran were lifted in 2016. According to the latest IEA reports, at present, India imports around 3.78 million of crude oil barrels per day and produces only 897,300 barrels.

India is Iran's second-biggest oil buyer after China and was among the few countries that didn't completely stop trading with Iran when Western sanctions were imposed on it in 2012 over its nuclear program.

As reported by Reuters on Thursday, Iran has offered Indian refiners incentives including low-price shipping and an enhanced credit period on oil sales.

Trump has asked Saudi Arabia to increase its oil exports to compensate the gap in the market in case Iran's crude exports drop.

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