India To Protect Companies From U.S. Sanctions For Investing In Iran

NEW DELHI: India will protect economic interest of its oil companies from being impacted in the eventuality of US sanctions against them for investing in Iran, Petroleum Minister Dharmendra Pradhan said.

Pradhan made the comments after Government Accountability Office of US named Oil and Natural Gas Corp, Indian Oil Corp and Oil India Ltd along with two Chinese firms for having energy ties with Iran, an act for which it can impose sanctions against them.

"India will take its own stand, independent diplomatic stand on the issue," he said. "Certainly economic interest of our companies and country will be priority."

He, however, refused to elaborate saying such issues cannot be discussed through media.

The US Iran Sanctions Act provides for steps against persons, including foreign firms, investing more than $20 million in Iran's energy sector in any 12-month period.

According to GAO, the US has not imposed sanctions on any firm for their Iran energy ties since 1998.
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