India to Continue Buying Oil from Iran despite U.S Sanctions

NEW DELHI (NNN-Bernama) -- India said that it will continue buying Iranian oil despite the United States sanctions imposed on Tehran, according to China's Xinhua news agency citing local media reports on Wednesday.

"We have accepted sanctions which are made by the United Nations. Other sanctions do not apply to individual countries," Indian Foreign Secretary Ranjan Mathai told local media Tuesday.

"We continue to buy oil from Iran."

He said that an Indian delegation is on its way to work out the mechanism for continued purchase of oil from Iran and to work out the financing mechanism.

The delegation is expected to come back in a couple of days and report to the government. It is expected to explore a rupee-rial barter trade mechanism allowing India to directly trade with Teheran.

India imports around 12 percent of its oil from Iran. --NNN-BERNAMA