India to continue Iran oil imports despite sanctions: Report

India has reiterated that it will not halt its oil imports from Iran despite the US-engineered sanctions against the Islamic Republic’s oil sector, a report says.

Quoting senior Indian government officials, the Economic Times reported on Thursday that New Delhi will continue its energy ties with Tehran.

Meanwhile, India’s state-run General Insurance Corp (GIC) has recently agreed to provide insurance cover for tankers carrying Iranian crude oil.

India is among Asia’s major importers of energy, and relies on the Islamic Republic to satisfy a portion of its energy requirements.

Indian refiners HPCL, Mangalore Refinery and Petrochemicals Limited (MRPL) and Essar are the main clients of Iranian crude oil.

At the beginning of 2012, the United States and the European Union (EU) imposed new sanctions on Iran’s oil and financial sectors.

The sanctions, which prevent the EU member states from purchasing Iran’s oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.