Chicago, Jan 30 (IANS) India cannot do without Iranian oil and will not be cutting imports from that country despite the new US and European sanctions to punish Tehran for its alleged nuclear activities, Finance Minister Pranab Mukherjee has said.
"Iran contributes substantially and it is not possible for India to make any decision to reduce the import from Iran drastically," Mukherjee said Sunday while talking to mediapersons at the end of a two-day visit here.
After Saudi Arabia, Iran is the second biggest supplier of oil to India. Iran accounts for almost 12 percent of India's oil import bills.
Mukherjee said imports of oil from Iran was crucially important for India. "After all the countries which can provide the requirements of the emerging economies, Iran is an important country amongst them," he said.
The United States as well as the European Union have announced new sanctions against Iran aimed at putting pressure on Tehran to stop its suspect nuclear weapons programmes.
The European Union early this month took a decision to ban imports of oil from Iran, while the US has said it would penalise any financial institutions dealing with Iran's central bank, making it more difficult for countries like India to pay for oil imports.
"Iran contributes substantially and it is not possible for India to make any decision to reduce the import from Iran drastically," Mukherjee said Sunday while talking to mediapersons at the end of a two-day visit here.
After Saudi Arabia, Iran is the second biggest supplier of oil to India. Iran accounts for almost 12 percent of India's oil import bills.
Mukherjee said imports of oil from Iran was crucially important for India. "After all the countries which can provide the requirements of the emerging economies, Iran is an important country amongst them," he said.
The United States as well as the European Union have announced new sanctions against Iran aimed at putting pressure on Tehran to stop its suspect nuclear weapons programmes.
The European Union early this month took a decision to ban imports of oil from Iran, while the US has said it would penalise any financial institutions dealing with Iran's central bank, making it more difficult for countries like India to pay for oil imports.
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