Iran says oil trade negotiations with India continuing despite sanctions

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India stopped importing Iranian oil in May 2019 after US sanctions waivers expired. Bilateral trade fell from $17.03 billion in 2018-19 to $4.7 billion the following year, a 72…

Iran has held talks with countries including India on resuming oil exports and could quickly restore shipments to pre-sanctions levels if restrictions are lifted, its ambassador to New Delhi said Saturday.

In an interview with Indian news channel CNBC-TV18, Mohammad Fathali said negotiations and consultations were continuing, describing India as an important market for future energy cooperation.

India stopped importing Iranian oil in May 2019 after US sanctions waivers expired. Bilateral trade fell from $17.03 billion in 2018-19 to $4.7 billion the following year, a 72 percent decline. Trade stood at just $1.63 billion in 2025-26, according to the Indian broadcaster.

Fathali also described Chabahar port in southeastern Iran as a pillar of strategic cooperation with India, providing New Delhi with access to Afghanistan and regional trade routes.

The port's future has faced uncertainty since a conditional US sanctions waiver expired in April 2026. Fathali said Tehran remained committed to developing Chabahar, where India signed a 10-year agreement in 2024 to operate the port’s Shahid Beheshti terminal.

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