India will not take steps to cut petroleum imports from Iran despite US and European sanctions against Tehran.

India is Iran’s second biggest oil buyer after China. It imports 12% of its oil from the Islamic Republic. The United States wants buyers in Asia, Iran's biggest oil market to cut imports to put further pressure on Tehran for its nuclear program.

Mr Pranab Mukherjee finance minister of India said that India cannot do without Iranian oil. It is not possible for India to take any decision to reduce the imports from Iran drastically because among the countries which can provide the requirement of the emerging economies, Iran is an important country amongst them."

New US sanctions authorized on December 31st 2012 penalize any financial institutions dealing with Iran's central bank.

Mr Mukherjee said that “Some other countries, Saudi Arabia, Nigeria, the other Persian Gulf countries they also contribute but Iran contributes substantially. We India import 110 million tonnes of crude per year. We will not decrease imports from Iran. Iran is an important country for India despite US and European sanctions on Iran.”

(Sourced from www.tehrantimes.com)