India continues to buy oil from Iran amid increasing international pressure on Asian buyers to cut supplies from the world's fourth-biggest producer, according to Oil Minister S. Jaipal Reddy, Bloomberg reported.
"But we have to be prepared for all eventualities," Reddy said in New Delhi today. India opposes sanctions on the Persian Gulf nation from anyone other than the United Nations, Ranjan Mathai, India's foreign secretary, told reporters in New Delhi yesterday.
Indian buyers are struggling to find lenders willing to handle payments to their second-biggest crude supplier because of international sanctions aimed at Iran's nuclear program. Indian Prime Minister Manmohan Singh discussed alternative financial conduits with Russian officials during his visit to Moscow in December.
U.S. President Barack Obama on Dec. 31 signed into law measures that deny access to the U.S. financial system to any foreign bank that conducts business with the central bank of Iran. European Union foreign ministers are scheduled to meet Jan. 23 to decide on proposed sanctions on Iran's oil imports.
Turkiye Halk Bankasi AS (HALKB) told Indian oil refiners it may no longer be able to be an intermediary for their purchases of Iranian crude, four people with knowledge of the matter said Jan. 10. Indian officials are scheduled to visit Tehran for trade talks starting Jan. 16, two of the people said.
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