US threatens sanctions against India over Iran oil?
Friday March 16, 2012 09:48:22 AM,
IANS
|
|
|
Washington: The United States has threatened to
impose sanctions on India if it fails to reduce its purchases of
Iranian oil, according to a media report citing unnamed Obama
administration officials.
A decision to levy penalties under a new US law restricting
payments for Iranian oil could come as early as June 28, Bloomberg
news agency said citing "several US officials who spoke on
condition of anonymity."
The US law, which targets oil payments made through Iran's central
bank, applies to any country that doesn't make a "significant"
reduction in its Iranian crude oil purchases during the first half
of this year.
"If India fails to cut Iranian imports sufficiently, Obama may be
compelled to bar access to the US banking system for any Indian
bank processing oil payments through Iran's central bank," the
unnamed US officials were quoted as saying.
The new US law targeting Iranian petroleum transactions doesn't
specify by what percentage a nation must reduce its Iranian oil
imports to qualify for an exemption from sanctions.
But US officials cited by Bloomberg said they are looking for cuts
of around 15 percent in volume, though they might consider whether
buyers have extracted significant price discounts, thereby
depriving Iran of revenue.
The US has offered India help in brokering deals with alternative
suppliers including Iraq and Saudi Arabia, which has offered to
replace any shortfall, the agency said citing US and Indian
officials.
"The White House doesn't want to punish Japan, South Korea or
India, critical US partners in trade and security and important
regional counterweights to the rise of China," unnamed US
officials were quoted as saying.
"Still, the president has limited leeway to grant exemptions under
the law, and so far, India hasn't demonstrated reductions," they
said.
|
Home |
Top of the Page
|
|
|
|
|
|
|
|
|
|
|
|
Top Stories |
Amid
bedlam, Govt. gets some relief, courtesy allies
Amid uproar in parliament, the Congress-led government got some
respite Thursday afternoon after the warring Trinamool Congress
declared there was no threat to the ruling coalition.
»
Congress reaches out to allies, but Mamata snubs again
Trinamool talks tough, threatens to oppose
policies in parliament
|
|
Most Read |
Akhilesh takes over as UP Chief Minister, Mayawati loyalists shown door
Nine days
after his Samajwadi Party won a thumping majority in Uttar
Pradesh, Akhilesh
»
Akhilesh Yadav: From football, movies to crown
of UP politics
|
Angry
Mamata tells PM to replace Trivedi by Mukul Roy
West Bengal
Chief Minister Mamata Banerjee told Prime Minister Manmohan Singh
Wednesday night to make her Trinamool colleague Mukul
»
Dinesh Trivedi: Banerjee's second choice as
railway minister challenges his leader
|
|
News Pick |
After Imran, Akhilesh too drops out of India Today conclave
Uttar Pradesh's new Chief Minister Akhilesh Yadav
Thursday dropped out of the India Today conclave 2012 because of
»
Rushdie Factor: Imran Khan stays away from India Today conclave
|
India non-committal on Sri Lanka 'war crimes'
With
Tamil Nadu parties asking the government to back a US-sponsored
resolution on "war crimes" in Sri Lanka, India Wednesday said it
will study popular sentiments and stressed the need for
»
|
Indian American wins top $100,000 prize in US science talent search
Indian
American teenager Nithin Reddy Tumma has won a whopping $100,000
prize in the prestigious Intel Science Talent competition for his
»
|
|
Picture of the Day |
 |
Union
Minister for Railways Dinesh Trivedi interacting with the
media persons after presentation of Railway Budget 2012-13, in
New Delhi on March 14, 2012. Ministers of State for Railways
Bharatsinh Solanki and K.H. Muniyappa and the Board Members
are also seen. |
|
|
|