Trump Administration Will Allow Iran to Stay Connected to SWIFT

Iran's Foreign Minister Zarif speaks during a news conference in Istanbul

The sanctions bring back the punitive measures that were imposed and then lifted by former president Barack Obama who reached an worldwide agreement under which Iran moved to end its nuclear program.

While the European Union (E.U.) has sought to preserve the flawed trade agreement with Iran by negotiating backdoor methods of trade, most major companies have chosen to exit the country. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

India would continue to buy Iranian oil in the current fiscal year to March but to secure the waiver may agree to further cut purchases, the source said.

Oil is also under pressure from rising output by the world's biggest producers, Russia, the United States and Saudi Arabia, which are helping to replenish global oil inventories after more than a year of stock draws.

However, U.S. officials are compiling a list of those countries that have significantly reduced their oil imports from Tehran, who would qualify for waivers, and India expects to be on that list.

- Financial transactions. Starting on Monday, any foreign institution that does business with Iran's central bank or other banks in the country will lose access to the US financial system.

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Yet, one thing is clear, and here analysts were right-Iran's top two single largest oil customers, China and India, will continue to import Iranian crude. They still have to decide on how to split the quantum and on the form of payments, the source said.

With an over 30% reduction in imports of oil from Iran in the past few months, India is hoping to be eligible for a waiver on Iran oil sanctions from this weekend. "And the sanctions that are reimposed on November 5 will target critical sectors of Iran's economy, such as energy, shipping and the ship-building sectors, as well as the provision of insurance and transactions involving the Central Bank of Iran and designated Iranian financial institutions".

During the negotiations, India also told the U.S. that it would like to import more American oil if it came on competitive terms, sources said. The leader said it's possible Iran will face more hard times ahead, but asserted that the government will use all its power to reduce any problems.

Iran's oil flows to India were 600,000 bpd in September and are estimated at around 500,000 bpd in October, Platts oil flow data suggests.

Bolton also issued unsubtle warnings to Iran's leaders: "We are watching, and we will come after you". After the latest round of U.S. sanctions was announced, HPCL was the first Indian refiner to halt purchases from Iran after its insurer backed out.

India prefers Iranian oil as it comes cheap and suits many refineries' technical configuration.

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