The end on Thursday of US sanctions waivers for purchases of Iranian oil is likely to hit India’s economy hard, increasing fuel costs and quickening inflation, analysts say.
Last May, President Donald Trump withdrew Washington from the 2015 Iran nuclear deal with world powers that had given Tehran sanctions relief in exchange for curbs on its nuclear programme.
The United States reimposed oil sanctions on Iran in November but initially gave eight countries — including India and several other US allies — six-month reprieves.
Washington announced last week that the waivers, which have also benefited China and Turkey, would expire on May 2.
