In related development, amid persistent pressure from the U.S. to halt its oil imports from Iran, India and Iran on Monday exchanged views here on the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, and tried to assess the possible impact on oil trade after the U.S. sanctions.
Iranian Foreign Minister Mohammad Javad Zarif tweeted on Monday that Iran had filed a complaint with the International Court of Justice in the Hague against unilateral US sanctions. "It's imperative to counter its habit of violating worldwide law", he wrote.
"We want people to reduce oil purchases to zero, but in certain cases if people can't do that overnight, we'll consider exceptions", Mnuchin told reporters on Friday, clarifying some USA officials' comments that there would be no exemptions.
While Germany, France and Britain didn't withdraw from the landmark 2015 nuclear accord with Tehran, the global financial system is so interconnected and so tied to NY that it is nearly impossible for anyone anywhere in the world to continue their business with Iran without risk of violating USA sanctions.
"We are going to very strongly enforce the Iran nuclear sanctions", Treasury Secretary Steven Mnuchin said Friday.
This week two leading American newspapers published articles about how exactly the Mossad, Israel's external intelligence agency, broke into a warehouse in Tehran, Iran to steal a giant trove of documents dealing with Iran's secret nuclear weapons program.
The blocking statute is due to enter force on August 6, when the first set of United States sanctions are due.
The Iranian embassy released a statement yesterday that Tehran would do its best to ensure security of oil supply to New Delhi, asserting that it had been a reliable energy partner for India.
In response to another question on whether there was any development on the U.S. reaching out to India over the issue of reduction of imports from Iran, Kumar said, "They had indicated".
"We will use all our tools and resources to foil the United States' plots", he said.
Shipping to Iran and ports in the country are also coming under the United States sanctions.
Crude oil prices sank Monday on reports the US will take a softer stance on countries that import oil from Iran after sanctions on Iran's energy sector go back into effect.
Washington will move forward with imposing fresh sanctions on corporations operating in Iran, starting as early as next month, despite a European request to hold off, the Financial Times reported on Monday. They say the new revelations show precisely why the nuclear deal was necessary.