(MENAFN) India intends to buy more Iranian oil without violating sanctions set by the United Nations (UN), reported Times of Oman.
"Within UN sanctions and fully compliant with UN sanctions there may be more space for imports from Iran, so that will give us some savings in dollars," India's Minister of Finance, Palaniappan Chidambaram, said in a speech delivered at the parliament.
India is suffering to put its economy back on the right track and since the country imports 80 percent of its oil adding more pressure on its economy its account deficit is growing and its currency is losing value.
In the previous fiscal year, Indian oil imports from Iran went down to 7.2 percent of the total oil amount imported from 10.5 percent the year before it.
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