Eight Countries Including India, Japan To Get US Concessions To Buy Iranian Oil

The US agreed to make concessions on eight nations including India and Japan so that they could continue to import Iranian oil, despite the sanctions. This was reported on Friday with reference to sources in the US administration agency Bloomberg.

The Agency does not name all the countries in question, but among the eight countries are Japan, India and South Korea. Sources of the agency noted that in exchange for concessions, these states would have to reduce oil imports in order not to promote price increases. Officially, concessions are expected to be announced on Friday.

Earlier, reports emerged that US President Donald Trump is ready to make serious concessions in the situation around Iran, which will allow key allies of the US to be exempted.

According to media reports, high-ranking State Department officials convinced Secretary of State Michael Pompeo not to seek to disconnect Tehran from the international banking information transfer system. In addition, the media sources stated that Washington intends to withdraw India, China and South Korea from US sanctions.

The first part of the US sanctions commenced from August 7, while the remaining sanctions will take effect after 4 November. At the same time, the United States has threatened to sanction nations that buy Iranian oil. Currently, the main importers of Iranian oil are China, Japan, South Korea, India and the EU.

Earlier, as EurAsian Times reported, Now India will be able to purchase oil from Iran without the fear of US sanctions. The US has agreed to grant India a waiver from Iran sanctions so that the country would be able to continue buying Iranian Oil according to officials in New Delhi. The waiver would allow Indian companies to continue importing about 1.25 million tonnes of oil per month from Iran until March 2019.

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