India adequately prepared to deal with impact of US decision on buying oil from Iran

India is adequately prepared to deal with the impact of the US decision to end exemptions from sanctions for countries still buying oil from Iran. 

External Affairs Ministry Spokesperson Raveesh Kumar said in New Delhi that India will continue to work with partner nations, including with the US, to find all possible ways to protect India's energy and economic security interests.

In a statement, the White House said that five countries - India, China, Japan, South Korea and Turkey will no longer be exempt from US sanctions if they continue to import oil from Iran after their waivers end on the 2nd of May. 

After the announcement, US Secretary of State Mike Pompeo told reporters that there are no oil waivers that extend beyond that period. In November, the US granted



a six-month waiver to India and other countries to continue importing oil from Iran. 

The Congress party has termed the US decision to impose sanctions on India if the country continues buying oil from Iran next month as the failure of Narendra Modi government's diplomacy. 

Talking to media at New Delhi, former Union Minister and Senior Congress leader Jairam Ramesh asked the Prime Minister to assure the nation that India will not allow any other country to dictate as to where it should buy its oil from. 

Mr Ramesh said, India imports around ten per cent of its oil from Iran on preferential terms and with the US decision, India’s investment of about 1,600 crore rupees in Chabahar project is in danger.