India preparing for cut in oil imports from Iran

India has said it does not recognize unilateral restrictions imposed by the U.S., and instead follows U.N. sanctions. But the industry sources said India, the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the U.S. financial system.

India preparing for cut in oil imports from
Under pressure from the U.S. sanctions, Reliance Industries Ltd, the operator of the world`s biggest refining complex, has decided to halt imports. Image source: Reuters

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