The Government of India is bracing for more "pressure" from the USA on Iran sanctions in the coming weeks, but hopes that there may be an exception made for its dealings on the Chabahar port, as officials meet with a US delegation in the next few weeks.
"The formation of this committee means that we will make purchases of goods conditional to purchases of Iran's crude oil and this would limit the impacts of reductions in Iran's oil exports [once the sanctions return]", added Qarehkhani who is the spokesman of the Energy Committee of the Iranian Parliament. Turkish officials told Foreign Policy Tuesday the government had no reaction yet to the new USA demands.
The withdrawal has paved the way for new United States sanctions against Tehran and foreign companies that trade or invest with it, causing several major businesses, including in Austria, to stop activity in the country.
The ministers are to discuss how their countries can best support the deal following the withdrawal of the United States.
A number of foreign firms have already announced they would cease their Iranian activities in light of the looming imposition of sanctions.
They said India is expecting the Trump administration to get in touch with it over the issue of imposition of United States sanctions on Iran, adding the government will be able to formulate a strategy on oil import from that country following the talks.
Government officials called speculation over the cancellation "unfounded". However, Japan has so far refused to cut Iranian oil imports.
"For now, that's the plan", an European Union source said.
Rouhani told reporters that if the remaining signatories - the Europeans Britain, France and Germany as well as China and Russian Federation - can guarantee Iran's benefits: "Iran will remain in the nuclear deal without the United States".
A recent decision by the Organization of the Petroleum Exporting Countries to increase the cartel's own production by 1 million barrels a day has yet to tamp down prices. Rouhani has said he expects European countries to propose measures in the coming days to keep the deal alive. Tehran said its foreign minister would meet counterparts from US allies Britain, France and Germany, as well as Russian Federation and China, in Vienna on Friday to discuss ways of maintaining the nuclear deal.
The rupee-rial that arrangement was used to buy oil from Iran before sanctions were lifted against it three years ago.
Iranian state media reported on Tuesday that Foreign Minister Mohammad Javad Zarif will be in Vienna, Austria for the talks.
The other parties to the agreement say they remain committed to the deal so long as Iran is honoring it.
The administration's tough new stance on Iranian exports, which goes far beyond what the Obama administration demanded and what most market experts were expecting, suggests that Russian Federation and Saudi Arabia have agreed to make up whatever Iranian production is taken out of the market, Vakhshouri said.