Washington has granted India a waiver from the sanctions against Iran that snap back this Monday, the Economic Times reports , noting the waiver was secured after India agreed to reduce its Iranian oil imports by a third during financial 2018/19. “India and the US have broadly agreed on a waiver. India will cut import by about 35% from last year (2017-18), which is a significant cut,” the Indian daily cited an unnamed source as saying. Last financial year, India imported some 22 million tons of Iranian crude and had plans to increase this to 30 million tons in the next financial year. Instead, it will have to cut them to between 14 and 15 million tons, the source told the Economic Times. Indian refiners began cutting their imports of Iranian oil imports a couple of months ago in preparation for the waiver. India’s Foreign Minister stated earlier this […]