New Delhi, March 29: In a defying note, group of fastest growing economies BRICS on Wednesday said that its members will not severe their tie with Iran, which is facing the U.S. and EU sanctions for its nuclear program.
BRICS members, (Brazil, Russia, China, India and South Africa) are in New Delhi to attend the two day summit to discuss global issues and way to find solutions.
In a reply to a question whether Iran issue was discussed among the trade ministers, India's Commerce and IndustryMinister Anand Sharma said, "Yes, this was discussed. All BRICS members are members of the UNSC. We respect UN resolutions...at the same time the resolution does not forbid countries to engage in trade in essential commodities and what is required for human good."
India and China are Iran's two biggest importers of oil and gas and currently struggling to meet its demand following sanctions imposed by the U.S.
China's Commerce Minister Chen Deming said that his country is not obliged to follow any domestic laws and rules of any particular country".
India, which imports 12% of oil need from Iran, is currently looking for alternatives including the UAE option and side-by-side making arrangements for payment of Iranian oil.
Crude oil price, which is already at new high of $124 per barrel, have put stress on India's finances as it imports over 70% of its oil need.
Anand Sharma further said, "Therefore, we look at things...in very pragmatic manner and remaining within the ambit of the UN resolution."
China, which imports 20% of its oil need from Iran, is also worried about the effect of sanctions especially when the crude oil price is expected to move upward.