Hassan Rouhani says US isolated on Iran sanctions, even among allies

Iranian presidency shows the Iranian president Hassan Rouhani during a meeting in Tehran

Iranian presidency shows the Iranian president Hassan Rouhani during a meeting in Tehran

The report says that in the post-sanctions era, Iran's foreign exchange revenue rose considerably and stood at USA $57.7 billion because of energy exports.

Iran, which ramped up its exports to pre-sanctions levels over the last couple of years following the lifting of sanctions in 2016 after a deal was struck with Europe, the US, China and Russian Federation the previous year, will see its resurgent oil industry take a hit after President Donald Trump's administration exited the nuclear deal in May.

Iran is in an economic crisis fuelled by the U.S. decision on May 8 to pull out of the 2015 nuclear deal and restore sanctions.

New Delhi said it does not recognize unilateral restrictions imposed by the United States, and instead follows UN sanctions.

Oil exporters in the Middle East such as Saudi Arabia, Iraq, the UAE and Kuwait will likely grab Iran's market share in Asia ahead of the anticipated cutback, the note read.

India's oil ministry recently held a meeting with domestic refiners, urging them to scout for alternatives to Iranian oil.

State Bank of India (SBI), India's largest bank, has said it is giving up transactions for Iranian oil.

The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia, China, France, Germany, and Britain, where Tehran agreed to curb its nuclear activities in return for the lifting of earlier sanctions. 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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Iran is the third-biggest oil supplier to India, which, in turn, is the Islamic Republic's top oil client after China.

He added that the Iranian nation will one more time resist until another victory against bullying powers. Europe once accounted for purchasing roughly 400,000 barrels of Iranian crude a day.

Velayati said Tehran will simply cope with the sanctions like it has in the past. Those sanctions were lifted in 2016.

For the first six months of 2018, India's Iranian oil imports increased by 8.4 percent to 585,000 bpd.

The Indian Congress on Thursday slammed the government over the decline in India's oil imports from Iran in June, saying it shows that Prime Minister Narendra Modi is a "paper tiger" who has given in to USA pressure.

For its part, Iran cautioned India that it would stand to lose special "privileges" if it tried to import oil from other countries to compensate for the loss of Iranian oil supplies.

Indian refineries are configured to process several varieties of crude, not just Iranian, and therefore a supply from some other country can easily replace Iranian shortfall if any in future.

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