India has told Iran that a decision on oil imports will be taken after the general elections. At her meeting with visiting Iranian Foreign Minister Mohammad, Mr. Javad Zarif, the External Affairs Minister,Mrs. Sushma Swaraj, conveyed that the decision on the oil imports, in light of the end of US waivers on oil imports, will be taken after the elections.
Agencies reported that the Iranian Minister initiated the dialogue on his own and briefed his Indian counterpart on the developments in the region, including economic pressures owing to US sanctions and the Joint Comprehensive Plan of Action.
India is among the eight countries exempted from a US-imposed ban on Iranian imports. The US waivers, however, ended on May 1, following which three countries, Taiwan, Italy and Greece, have already reduced Iranian oil exports to zero.
India's decision is likely to have a major impact on Iran's economy as it is the second largest importer after China. Iran is India's third largest supplier and offers trade opportunities via the strategic Chabahar port.