India ready for US waiver on Iran oil import

India on Tuesday said that it was “adequately prepared” to deal with the impact of the decision of the United States against renewing the waiver granted to it in November 2018 for importing crude oil from Iran.

“(The) Government has noted the announcement by the US Government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran,” the Ministry of External Affairs (MEA) said in a statement.

The US Secretary of State, Mike Pompeo, on Monday announced that President Donald Trump's Administration would not extend the waivers granted to India, China and seven other nations in November 2018 to enable them to import crude oil from Iran without making their entities liable to sanctions imposed by American Government to curb energy exports from the Islamic Republic.

The 180-day-waiver will expire on May 2 next.

“Government will continue to work with partner nations, including with the United States, to find all possible ways to protect India's energy and economic security interests,” the MEA spokesperson, Raveesh Kumar, said on Tuesday.