India announced today it would cut Iranian oil imports by 11 percent. The cut would constitute a significant step for India toward securing a waiver from US sanctions before end-June deadline and came a week after US Secretary of State Hillary Clinton visited New Delhi. However, the Indian officials were quoted by Outlook India as saying that the reduction of imports from Iran was not under US pressure.
The US has already granted waiver to Japan and 10 European countries after they announced deeper cuts than what was announced by India and may not go far enough to prompt a waiver.
Meanwhile, India’s ministry of commerce and industry said today that a new rial-rupee payment arrangement has been put in place for Iran’s oil imports. No details were released [The Economic Times, 16 May].