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U.S. firm with India on Iran oil import curbs
Why is it in news?
- India negotiated with US for concessions on oil import from Iran but Trump administration made it clear that it would make no concessions on its demand that India “zero out” oil imports from Iran.
- India also acceded to it as cost of importing Iranian oil would be much higher than other sources of oil, thus, making it unviable.
More in news
- Escrow account closure: In addition, the U.S. has also stipulated that India’s “escrow account” used for Rupee-Rial trade cannot be operated after its May 2 deadline.
- Exemption continued for investments in Chabahar port: There is no change in the exemption given for India’s investments in Chabahar port as a trade route to Afghanistan.
- Drawing direct link: The U.S. also drew a direct link between the cooperation it is providing India in investigating the Pulwama terror attacks, shutting down terror havens in Pakistan, and designating Masood Azhar as a terrorist, and the cooperation it expects in dealing with Iran.
Source
The Hindu