|
U.S. May Sanction India Over Level of Iran-Oil Imports
India has failed to reduce its purchases of Iranian oil, and if it doesnt do so, President Barack Obama may be forced to impose sanctions on one of Asias most important nations, Obama administration officials said yesterday.A decision to levy penalties under a new U.S. law restricting payments for Iranian oil could come as early as June 28, according to several U.S. officials who spoke on condition of anonymity because of the sensitivity of the issue Given the level of trade, and in particular oil, between Iran and India, targeting an Indian entity that facilitates Irans access to the international financial market should be top of mind for the U.S. Treasury, Avi Jorisch, a former Treasury Department official who is now a Washington-based consultant on deterring illicit finance, said in an interview. The U.S. law, which targets oil payments made through Irans central bank, applies to any country that doesnt 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 U.S. banking system for any Indian bank processing oil payments through Irans central bank, the U.S. officials said. While India hasnt asked its refiners to stop purchasing Iranian crude, the government has told processors in the South Asian nation to seek alternate supplies and gradually reduce their dependence on the Persian Gulf state due to increasing pressure from the U.S. in recent weeks, three Indian officials with direct knowledge of the situation said today. Posted by: tipper 2012-03-15 |
| http://www.rantburg.com/poparticle.php?ID=341053 |