Iran warns India over this!!

Iran, July 11: Iran has warned India that it would stop exporting oil to India from 1 August if a financial dispute overpayment was not resolved, media reported.

Deputy Ambassador Massoud Rezvanian Rahaghi's warning came days after the United States asked its allies to stop oil imports from Iran by November 4.

A senior Iranian diplomat has warned India that Tehran will end "special privileges" for New Delhi if it attempts to replace Iranian crude with supplies from Saudi Arabia, Russia, and the United States, media reported.

"In the previous round of US sanctions between 2012 and 2015, Iran did its best to ensure the security of oil supply to India," Iran's Deputy Ambassador and Charged Affaires Massoud Rezvanian Rahaghi said at an event organized by the All India Minorities Front at the Parliament annex on Tuesday.

"However, if India were to replace Iran with countries like Saudi Arabia, Russia, Iraq, US and others for 10% of its oil demand then it may have to revert to dollar-denominated imports," Rahaghi said. He added that this would "mean higher CAD [current account deficit] and deprivation of all other privileges Iran has offered to India".

The warning came days after the United States asked its allies, including India, to stop importing crude oil from Iran by November 4. India has said it will engage with relevant stakeholders to ensure that energy security is not compromised.

Iran says India owes it $5 billion for oil imports in recent months. Earlier this year, Germany allowed India to pay for the oil via Hamburg-based EIH bank, which handles international trade for Iranian companies.