The warning from Iran came after Trump withdrew U.S. from the Iran nuclear deal and called out to the Asian countries to bring their Iranian oil import to "zero".
Isolating Iran could sideline millions of barrels of oil per day from a market with little spare capacity left. He added that this would "mean higher CAD [current account deficit] and deprivation of all other privileges Iran has offered to India". "... India is trying to make Chabahar port in Iran operational by 2019... opening up of the Chabahar port would make the CIS countries more accessible", the shipping minister said.
Iran is the third largest crude oil supplier after Iraq and Saudi Arabia. In return, India buys 13% of the total exported crude oil from Iran, which is a huge proposition in itself.
"It is unfortunate that Indian investment promises for expansion of Chabahar port and its connectivity projects have not been accomplished so far".
The government of India, Iran's top oil client after China, asked refiners last month to prepare for drastic reductions or even zero Iranian oil imports.
"Sanction and financial threats have turned into opportunity for us, because they have led to self-reliance and strength of domestic capacities which can be a model for all other freethinking countries", Hatami remarked.
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The Trump administration brought back sanctions against Iran after pulling out the USA from the Iran nuclear deal in May.
Britain, France, and Germany along with Russian Federation and China met with Iran in Vienna to offer economic benefits and assurances that would lessen the blow of sweeping USA sanctions announced by Trump.
Speaking to reporters on background, a senior U.S. State Department official said the Trump administration was "very serious" about imposing sanctions on Iran's oil, from which Washington suspects Iran derives revenue to fund malign behavior in the Middle East.
He also called India to "work together to immunise the relationship between the two countries" and proposed the adoption of necessary instruments and mechanisms like setting up banking relations, opening new transaction routes and helping each other's markets and business communities.
This is especially true because the USA never really had much justification for withdrawing from the nuclear deal in the first place, beyond President Trump personally having problems with it. Pompeo's primary ammunition in the talks will be assurances that other nations, mostly Saudi Arabia, will replace Iran's oil exports on the market. However, the Ministry of External Affairs has maintained that India would consult "all stakeholders" in the matter to ensure energy security.