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U.S. ends waiver for India on Iran oil
Why is it in news?
- Recently, U.S. Secretary of State Mike Pompeo announced that U.S. will not renew exemptions from its sanctions for importing oil from Iran.
- The exemptions were granted last November for a 180-day period for India and seven other countries, and are due to expire on May 2.
More in news
- Significant Reduction Exceptions: United States said it will not issue any additional Significant Reduction Exceptions [SREs] to existing importers of Iranian oil.
- Pressure campaign: The Trump Administration has taken Iran’s oil exports to historic lows and dramatically accelerating its pressure campaign in a calibrated way to meet their national security objectives.
- How far this will go?: US said it will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behaviour, respect the rights of the Iranian people, and return to the negotiating table.
- Who will get impacted most?(1) India, China and U.S. allies Japan, South Korea and Turkey will be the most impacted by the non-renewal of waivers.(2) The other three currently exempted countries -Italy, Greece and Taiwan- have already reduced their imports to zero.
Source
The Hindu