Overview
- India’s foreign ministry said it remains in touch with the United States after a Treasury letter on Oct. 28, 2025 set a conditional waiver that is valid until April 26, 2026.
- OFAC granted a six-month exemption effective Oct. 29, 2025 allowing India to wind down operations, including at the Shahid Beheshti terminal.
- Officials indicated India is preparing to reduce involvement rather than execute an abrupt exit, despite a May 2024 10-year IPGL–PMO operating agreement.
- Reports say India transferred its $120 million commitment before sanctions made additional payments difficult, leaving further financing unresolved.
- Pressure rose after President Trump warned on Jan. 12 of a 25% U.S. tariff on countries doing business with Iran, as India consults Washington on next steps.