US working with India to reduce dependence on Iran oil

The United States has said it's "working hard" with India to see if it can help reduce its dependence on Iranian crude and find alternative sources of supply,  but no decision has been taken on imposing financial sanctions.

"Our conversations continue with all the other countries that want to talk to us who continue to have issues with the amount of Iranian crude that they import," State Department spokesman Victoria Nuland told reporters Wednesday when asked about the status of India, China and 10 other nations excluded from an exemptions list.

"India is one of those countries. And we are working hard with India to see if we can help with regard to reducing India's dependence and the dependence of any of the other countries on Iranian crude, and looking at alternative sources of supply as well," she said.
Iranian crude oil accounts for about 12 percent of India's current oil imports, the second largest supplier after Saudi Arabia.

Asked if the US was contemplating any action against the holdout nations, Nuland said: "I don't have anything to announce, and our bilateral consultations continue with a whole raft of countries that have not yet been exempted."

The United States Tuesday exempted Japan and ten European nations - Belgium, the Czech Republic, France, Germany, Greece, Italy, the Netherlands, Poland, Spain, and the United Kingdom - from US sanctions for having significantly reduced purchases of Iranian crude oil.