India, the world's fourth largest oil consumer has informed the US and Europe that it will not participate in the embargo on Iranian oil scheduled to start - if it starts - this summer.
"It is not possible for India to take any decision to reduce the imports from Iran drastically, because among the countries which can provide the requirement of the emerging economies, Iran is an important country amongst them," Finance Minister Pranab Mukherjee told reporters on a visit to the Unites States.
Yeah, sanctions'll work. Sure they will.
In a related item, India and Iran have agreed to drop the use of the dollar as a reserve currency for oil trading between the two countries. They're using gold.