'India resolute to buy Iran's oil'
An Indian analyst says New Delhi will do whatever it takes to import Iranian oil despite the fresh US and EU unilateral sanctions against the Islamic Republic, Press TV reports.
“My own idea is that China and India are two countries that are affecting very seriously. The United States is not as dependent on oil from Iran. Therefore, they have certain options which India and China do not,” said Commodore Uday Bhaskar.
Commenting on a report that India had agreed to pay the price of crude oil it imports from Iran in gold, he said “Gold is going to be a difficult option, because if gold had been such an easy option many countries would have traded in gold. But we know that physically transferring any kind of gold bullion is going to be a difficult logistic exercise.”
Earlier a report published by DEBKAfile news website had said India is willing to pay the price of crude oil it imports from Iran in gold. Analysts, meanwhile, have described the report as speculative.
However, India has neither confirmed nor rejected the option of paying in gold for oil imports from Iran.
India is Iran's second largest oil customer after China and purchases around USD 12 billion worth of Iranian crude every year, about 12 percent of its consumption.
On December 31, 2011, US President Barack Obama signed into law new sanctions, seeking to penalize countries importing Iran's oil or doing transaction with Islamic Republic's Central Bank.
Foreign ministers of the European Union also imposed sanctions on Iran's oil imports over the country's peaceful nuclear program during their Monday meeting in Brussels.
The sanctions involve an immediate ban on all new oil contracts with Iran and a freeze on the assets of the country's Central Bank within the EU.
YH/AZ/MA
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