India buying Iran oil, not seeking U.S. sanctions: official

Reuters News
|
Posted: Jan 17, 2012 8:19 AM
India buying Iran oil, not seeking U.S. sanctions: official

NEW DELHI (Reuters) - India continues to buy oil from Tehran and will not seek a waiver from the United States that would protect buyers of Iranian oil from a fresh round of sanctions, India's foreign secretary said on Tuesday.

"We have accepted sanctions which are made by the United Nations. Other sanctions do not apply to individual countries," Ranjan Mathai told reporters, adding New Delhi was not seeking a waiver from Washington.

"We continue to buy oil from Iran."

India has been struggling to pay Iran for oil imports after new U.S. sanctions which penalize any financial institutions dealing with Iran's central bank.

The sanctions have faced Asia's third-largest economy with a dilemma as it strives to balance the need to keep importing about $12 billion of Iranian crude annually without upsetting warming ties with Washington.

(Reporting by Nidhi Verma; Editing by Krittivas Mukherjee)