India will cut its Iranian oil imports this FY to 14M tons from 17.5M last FY as it bows to...

|By:, SA News Editor

India will cut its Iranian oil imports this FY to 14M tons from 17.5M last FY as it bows to increased U.S. pressure, Bloomberg reports. India has also rejected a request from Iran’s Parsian Bank to open an office in Mumbai. However, Hilary Clinton, who is in India, said it's too early to say whether India will receive a temporary exemption from sanctions for its efforts.