U.S. may announce waiver for India from Iran sanctions on Sunday

An Iranian and a European flag

An Iranian and a European flag

The U.S. has reportedly broadly agreed to grant India a waiver from the sanctions, after Iran's second-largest oil customer had agreed to reduce Iranian imports by a third in 2018-2019, India's The Economic Times reported on Thursday, citing sources familiar with the issue.

Iran said it does not fear the impending US sanctions that are set to go into effect next week.

The U.S. has agreed to let eight countries - including Japan, India and South Korea - keep buying Iranian oil after it reimposes sanctions on the OPEC producer on November 5, a senior administration official said.

Questioned on the possibility of sanctions or waiver, USA ambassador to India, Ken Juster sidestepped questions from journalists on the margins of a conference on connectivity, refusing to answer in advance of official pronouncement from Washington.

- Financial transactions. Starting on Monday, any foreign institution that does business with Iran's central bank or other banks in the country will lose access to the USA financial system.

India is Iran's top oil client after China and hopes to get a waiver on USA sanctions before they take effect on Sunday (November 4), after significantly reducing its oil imports from Iran.

Just a few days before USA sanctions on Iranian oil exports return on November 5, the keywords about how much of Iran's oil will come off the market are "lack of clarity".

Barack Obama, the United States president at the time, had argued the deal would prevent Iran from developing nuclear arms.

India's Kohli becomes fastest to complete 10000 ODI runs
It was the Indian skipper's second consecutive century against the Windies after his 140 run knock in the first ODI at Guwahati. Kohli is also the fastest in terms of time taken to score the runs, as he reached the milestone in 10 years and 67 days.

"In May, US President Donald Trump pulled the US out of the 2015 landmark nuclear the Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".

"I think it's important that we not relax in the effort" to keep putting pressure on Tehran, he said.

European diplomats have described the SPV proposal as a means to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

This week, South Korea also asked U.S. Secretary of State Mike Pompeo for "maximum flexibility" on its request for a waiver to prevent companies there from being hit by the sanctions.

Pompeo said that he is convinced these sanctions are going to have an enormous impact on the Iranian leadership. The reduction in Iranian crude would likely bring up global prices. "The people of Iran should know with certainty that the government has no fear of the new American threats".

But he added: "In the past few months our people have faced hard times and it's possible that the next few months will be hard".

U.S. Arab allies Saudi Arabia and the United Arab Emirates as well as Israel have long sought for Washington to work to curtail non-Arab and predominantly Shiite Muslim Iran's influence in the Middle East, including in war-torn Syria.

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