The White House could impose sanctions on India if the country fails to meet the US demand to cut oil imports from Iran. As the US is trying to deprive Tehran of its leading source of revenue, India continues to resist US pressure. President Obama could be forced to bar access to the US banking system for any Indian bank processing oil payments through the Iranian Central Bank, anonymous US officials... 

New Western sanctions seek to prevent other countries from importing Iran's crude oil. India has agreed to pay the price of crude oil it imports from Iran in gold, which makes it the first country to drop the US dollar for purchasing the Iranian oil. According to a report published by DEBKAfile news website, unnamed sources have stressed that China is also expected to follow suit. India and China...