US Hints at Renewed Iranian Sanctions Waiver for India

Published May 24, 2013 8:46 AM by The Maritime Executive

India has made "tremendous progress" in reducing oil imports from Iran, a senior U.S. government official said on Friday, in a sign the South Asian nation is likely to get a third waiver from sanctions imposed by Washington against Tehran's nuclear programme.

"All of the data is certainly pointing in a positive direction," U.S. Under Secretary for Political Affairs Wendy Sherman told reporters when asked about a possible waiver to India.

U.S. and European Union sanctions are aimed at choking the flow of oil money into Iran and forcing Tehran to curb its controversial nuclear programme. As a result, Iran's crude exports were halved in 2012, costing it as much as $5 billion a month.

All of Iran's major Asian clients - China, India, Japan and South Korea - have cut import volumes to secure waivers that allow them to continue the shipments without the risk of losing access to the U.S. financial system.

Reporting by Nidhi Verma and Anurag Kotoky; Editing by Frank Jack Daniel (C) Reuters 2013.