Sanctions  

The US on Monday imposed "the toughest ever" sanctions on a defiant Iran aimed at altering the Iranian regime's "behaviour". The sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.

The other five countries that have got relief from America include a surprise entry, China, with which the Donald Trump administration is still negotiating the terms
 

Sources said that PM Modi will meet the chief executives of major global and Indian oil and gas companies as the US sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile. 

India had planned to import about 25 metric tonnes of crude oil from Iran in 2018-19, up from 22.6 metric tonnes imported in 2017-18.

India has to play a cautious role, and that priority should be in the country's national interests, former Ambassador of India to Saudi Arabia Oman and the UAE Talmiz Ahmad said.

The Brent crude oil prices fell by more than 1 per cent on Monday after the US said it may grant waivers to sanctions against Iran's oil exports next month

The negotiations team used the threat of sanctions to the advantage of the country as they managed to get a huge concession of $900 million (approximately Rs 7,000 crore) from the Russians with the amount approved by the defence acquisition council being $6.3 billion

Turkey has reportedly retaliated against the sanctions which the US has imposed on the country. The sanctions were imposed because of an American pastor, who is facing terrorism charges against him