India is to get exemptions from US sanctions on its trade with Iran. Consider the following statements in this respect:
1. India is the only country to receive such exemption from US.
2. Saudi Arabia is the largest source of oil for India.
3. Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging service holds money itself as well as transmits information on transactions.
Choose the correct statement/s from the options given below:
A) 1 only
B) 1 and 2 only
C) 3 only
- India is among eight countries that will receive a waiver from US sanction on its oil trade with Iran.
- Iran is the third largest source of oil after Iraq and Saudi Arabia. Thus, Iraq is the number one source of oil for India.
- Not only countries, but entities as well have been sanctioned by US. There would be no exemption for Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging service. SWIFT does not hold money itself but transmits information on transaction.