India is in talks with the European Union over alternate payment mechanism to settle its oil payments to Iran under pressure from US sanctions.

However, sources privy to the developments told CNBC-TV18 that there is no clarity if a waiver will be granted by the US or not.

The US has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

First Published:Sept 19, 2018 9:28 PM IST