India will continue to buy oil from Iran despite US sanctions

Chennai:
India on Saturday said it will continue to buy oil from Iran even as US President Barack Obama is moving ahead with sanctions targeting Iran's oil exports.
Speaking to reporters after honouring students of Aalim Muhammed Salegh College of Engineering on its Eighth Graduation Day here, Union Minister of State for External Affairs E Ahamed said India will continue to buy oil despite US sanctions on Iran oil exports.
“We are in need of oil and Iran is one of the major suppliers of oil to India,” the minister said.
Interestingly, the move by Obama  allows Washington to impose sanctions against  foreign banks involved in the transfer of funds for Iranian oil, which would force other countries to give up their trade with the Islamic republic or face prohibitively high penalties in any U.S. transactions.
When queried how would oil transactions take place following the sanctions imposed by US, the minister said it is for the Reserve Bank of India to look into the issue.
He also said that India’s foreign policy is an independent one and is not guided by any country.
Earlier delivering the Graduation Day address, the minister said the government is planning to set up seven Indian Institutes of Technology, seven Indian Institutes of Management besides 10 National Institutes of Technology and 20 Indian Institutes of Information Technology.
He also said plans are also on for plans are also on to set up 16 central universities in hitherto uncovered states besides three Indian Institutes of Science Education and Research (IISERs), two schools of planning and architecture. He later honoured 337 students of the college. Chairperson of the college M S Habibunnisa, principal of the college M Afzal Ali Baig and vice chairperson S Segu Jamaludeen were present on the occasion.