India stated that it will not cut its oil imports from Iran despite the sanctions laid down against Iran by the U.S and the European Union.

During a visit to Chicago, Indian Finance Minister Pranab Mukherjee made his country’s position clear. Iran contributes substantially and it is not possible for India to reduce the import from Iran drastically, because the countries that can meet the requirements of emerging economies, Iran is an important country amongst them, Mukherjee said.

Earlier this month, the EU banned oil imports from Iran. Also, the U.S. wants buyers in Asia, Iran's biggest oil market, to cut imports to put further pressure on the country to restrict its nuclear ambition. But India, which imports 12 percent of its oil from Iran, has decided to go against this wish. You know Iran is an important supplier of petroleum crude, Mukherjee said. We import around 105 million tons of crude per year. It is increasing. The last import last year was 105-106 million tons imported. Iran contributes substantially, he added.

Both the U.S. and EU have declared freezes on the assets of Iran's central bank. The U.S. suspects Iran of manufacturing nuclear weapons, a charge which Tehran has categorically denied, stating that its nuclear program is for peaceful means. Meanwhile, experts from the International Atomic Energy Agency (IAEA) are in Iran to inspect its nuclear facilities.