• External Affairs Ministry has said that India is prepared to deal with the impact of the end of waivers from US sanctions on import of oil from Iran.

BACKGROUND:

• There will be additional supplies from other major oil-producing countries based on the plan drawn up by the Ministry of Petroleum.
• The decision will be taken keeping in view the country’s energy security, commercial consideration and economic interests.
• In November, the US had granted a six-month waiver to India, China, Greece, Italy, Taiwan, Japan, Turkey and South Korea to continue importing oil from Iran.
• The temporary waiver ended yesterday.