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India, China among 8 countries allowed to buy Iranian oil: US 

New Delhi, November 5

US Secretary of State Michael Pompeo has announced temporary waiver for eight countries, including India , China, Turkey, Italy, Greece, Japan, ROK and Taiwan, for oil trade with Iran.

This even as US Treasury in its largest ever single-day action targeting the Iranian regime has today sanctioned 700+ individuals, entities, aircraft and vessels. 

“Iranian regime can either do 180 degree turn from its course of action and act like normal country or see its economy crumble. Hope new agreement with Iran’s possible but until it makes changes in 12 ways I listed in May, we’ll be relentless in exerting pressure on it,” said Pompeo as he elaborated on the strict riders for the temporary waiver granted to eight countries.

The US on Monday imposed “the toughest ever” sanctions on a defiant Iran aimed at altering the Iranian regime’s “behaviour”. The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports. 

While the US had previously wanted countries, including India, to completely halt oil purchases from Iran by November 4, it seems to have relented considering the havoc the move to completely take out Iranian supplies from the market would have had on prices.

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