• S. refuses to extend sanctions waiver to India on Iran oil import; OMCs stop placing orders from Iran.

BACKGROUND:

• India has a “robust plan” to import oil from other countries, the Ministry of External Affairs said, even as the deadline for the U.S. sanction waiver for oil imports from Iran expired on Thursday without an extension from the U.S.
• Last year, the U.S. re-imposed sanctions on Iran, prohibiting countries from importing oil from it, but waived these sanctions for eight countries, including India.
• That waiver has now expired and the U.S. announced last month that it would not be extending it.
• Prior to the sanctions and the subsequent reduction in the quantity of oil imported from Iran, Iran accounted for about 10% of India’s oil requirements.