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India and Korea Agree on Outline of Iran Oil Waiver With U.S.

  • Final accord may not come before U.S. sanctions hit on Nov. 5
  • Exemptions would allow limited imports of crude from Iran
Bloomberg business news
Bloomberg’s Javier Blas reports on the reported deal.(Source: Bloomberg)
Updated on

India and South Korea agreed with the U.S. on the outline of deals that would allow them to keep importing some Iranian oil, according to Asian officials with knowledge of the matter.

No final decision has been made and an announcement is unlikely before U.S. sanctions on Iran are reimposed Nov. 5, the officials said, asking not to be identified because the information is confidential. That opens the possibility that the terms could still be modified or the deals scrapped entirely.