India will not reduce the amount of oil Iranian oil it purchases, the country’s finance minister said.
“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,” Pranab Mukherjee told reporters in Chicago on Sunday, according to Reuters.
The U.S. and European countries have stepped up their sanctions efforts against Iran over its nuclear program. The U.S. is trying to get Asian countries to cut back on their imports of Iranian oil.
India imports 12 percent of its oil from Iran, Reuters reported.