India is preparing Plan B for its oil consumption after the United
States administration under President Donald Trump declared zero
tolerance against any country or entity that flouts its diktat to stop
buying crude from Iran after November 4 and when the 180-day wind-down
period ends.
Private sector refiners Reliance Industries and Nayara, owned by Russia’s Rosneft, have already been winding down Iranian imports.State Bank of India, the country’s largest bank, has said it is giving up transactions for Iranian oil. Next in line could be insurers, who may refuse cover to vessels carrying Iranian oil or units that process that oil.
Private sector refiners Reliance Industries and Nayara, owned by Russia’s Rosneft, have already been winding down Iranian imports.State Bank of India, the country’s largest bank, has said it is giving up transactions for Iranian oil. Next in line could be insurers, who may refuse cover to vessels carrying Iranian oil or units that process that oil.
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