Reuters: Major Indian Company to Halt Oil Imports from Iran

Reuters reports that Reliance Industries, a conglomerate focused on oil and gas, plans to stop importing oil from Iran. In recent days, several companies have halted projects related to Iran due to the return of U.S. sanctions. Reliance manages the largest oil refining complex in the world. According to two informed sources cited by Reuters, the company's cooperation with Iran is expected to cease in October or November. Official authorities in India and Iran have not yet responded to Reuters' report. Reliance is a conglomerate led by Indian billionaire Mukesh Ambani and has significant ties to the U.S. financial system. The advanced Reliance refinery in Gujarat, India, has the capacity to process 1.4 million barrels of oil daily. As reported by Reuters, Reliance has informed Iranian oil officials that it will stop imports from Iran to its refinery. Another informed source emphasized that if negotiations between Iran and Europe to preserve the JCPOA fail, the Indian company may halt oil imports even before October or November. According to Reuters, insurance companies have requested a halt to activities related to Iran. This report comes just a day after Russia's second-largest oil company also announced the suspension of projects related to Iran. On June 7, Indian Foreign Minister Sushma Swaraj stated, ahead of a meeting with her Iranian counterpart Mohammad Javad Zarif, that India would only implement UN-imposed sanctions against Iran and would not follow unilateral U.S. sanctions or those from any other country. European, Russian, and Chinese leaders have also called for the preservation and implementation of the JCPOA. Nonetheless, it seems that major companies from these countries are distancing themselves from cooperation with Iran. Companies such as Danieli Steel of Italy, French gas and energy company Engie, Danish shipping company Maersk, and German technology and equipment company Siemens have all announced halting activities related to Iran in recent weeks. Yesterday, Iran's oil minister gave the French company Total two months to negotiate with the U.S. and decide on its presence or exit from Iran. Donald Trump, the U.S. President, withdrew from the JCPOA despite opposition from Germany, France, the UK, the EU, Russia, and China after Iran refused to agree to renegotiate the deal. The U.S. Treasury has announced that sanctions related to Iran's nuclear program will be reimposed within three to six months. U.S. Secretary of State Mike Pompeo has stated that Washington will impose the 'harshest sanctions in history' against Iran and that if the Iranian government does not change its behavior, the pressure of sanctions will increase. Iran has stated that it is not willing to renegotiate the JCPOA, will not halt its missile program, and will make decisions regarding its policies in the region independently. Ayatollah Ali Khamenei, the leader of the Islamic Republic, recently set conditions for Europeans to ensure Iran's continued participation in the agreement while criticizing the new U.S. policies against Iran and the withdrawal from the JCPOA. Oil sources in Switzerland reported on Wednesday that Iran's daily oil exports have decreased by about 100,000 barrels in the month nearing its end; this is the first report of a decline in Iran's oil exports since the U.S. withdrawal from the nuclear agreement.