India may import more Iran oil within UN rules: Chidambaram

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Source: Bloomberg

New Delhi: India would like to import more oil from Iran without breaching United Nations (UN) sanctions, the finance minister said, signalling a possible reversal of a policy that saw purchases decline under pressure from the US.

P. Chidambaram in a speech before Parliament on Monday said the country is considering the step without giving further details as he announced measures to support the rupee and narrow a record current-account deficit.

Within UN sanctions and fully compliant with UN sanctions there may be more space for imports from Iran, so that will give us some savings in dollars, Chidambaram said.

While India has abided by several rounds of UN sanctions on Iran over the country’s nuclear program, it has publicly criticized unilateral American sanctions as an infringement on its sovereignty.

Read more: http://www.livemint.com/Industry/votqZAxgstfJM2n03tqqFK/India-may-import-more-Iran-oil-within-UN-rules-Chidambaram.html

[MarkLaw]

1. The sanctions have really done nothing! Sure the youth of Iran hate the U.S.

but I don't think that is what the sanctions were designed to do.

[JI7]

3. youth of iran do not hate the US

[ConcernedCanuk]

2. I think USA's "sanction" thing may backfire.

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Iraq found other markets,

Iran will find theirs.

USA is losing suppliers it desperately needs.

Also, USA is pissing off a whole lot of countries.

Having been a poor person, and abused by those with the ability to help me, but did the opposite,

I know the mentality of the abused/downtrodden - we fight back any way we can,

Old saying, "Never kick a man when he is down, he might get up!"

I got up. Ain't poor no more - payback,

it's coming . . .

CC