India’s Risky Venture: Buying Iranian Oil

August 15, 2013

India Set to Increase Oil Imports from Iran Despite U.S. Pressure

(FTMDaily.com) After months of sanctions and numerous attempts to destroy the Iranian economy, the U.S. House of Representatives voted once again earlier this month to strengthen the existing sanctions against Iran by targeting the nation’s remaining oil exports.

Iran, which refuses to prop up the failing U.S. dollar, accepts euros, rubles, yuan, and even gold for its oil and currently exports approximately 1 million barrels of petroleum per day. (Iran’s current level of oil exports has already been cut in half from 2.2 million barrels last year, by the existing sanctions.)

The U.S. has also targeted Chinese banks, which have been instrumental in helping Iran maintain its oil exports by settling the oil sale transactions in currencies outside of the U.S. dollar. (China is Iran’s largest oil customer.)

For those who understand the insidious nature of America’s global petrodollar scheme, the Congressional retaliation at Iran’s insistence on selling its oil in currencies outside of the U.S. dollar is no surprise.

These recent actions have a precedent. During World War II, U.S. President Franklin D. Roosevelt placed aggressive and punitive sanctions on Japan. Some historians believe that this policy led to the Japanese bombing of the U.S. naval base at Pearl Harbor.

India’s Risky Venture

This week, energy-starved India appeared eager to increase its oil imports from the country after Iran agreed to accept India’s currency, the rupee, as payment. Because the Indian rupee is not a widespread currency, Iran will likely use the rupees to purchase imports from India.

Some Indian politicians fear U.S. reprisals for conducting business with Iran. It seems, however, that the concerns and demands of India’s growing voting population may trump U.S. wishes.

The Wall Street Journal has an interesting piece about India’s risky venture here.

Finally, here’s a recent video of U.S. Secretary of State, Hillary Clinton, urging India to stop importing oil from Iran.

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