India should “hold its horses” and not rush into doing more business with Iran as a fallout of the recently drawn up nuclear agreement which was ironed out in Switzerland a few weeks back, Wendy Sherman, American Under Secretary of State, said on Wednesday.

“What I would say to India in particular is what I say to every country that remains an importer of Iranian oil and wants to do business and increase its trade with Iran… hold your horses. We are not quite into an agreement yet. We understand that nobody wants to be last in line; everyone wants to be first in line if the sanctions get relieved. But, it will take some time even after an agreement for all the implementation to be worked out,” Sherman said at a function at the University of Chicago Centre here. Wendy was part of the US delegation at the talks in Switzerland.

Iran is among the top countries from which India imports oil, although it has been reducing its dependence on import of oil from Iran in the recent past due to sanctions.

Broad understanding

Earlier this month, it was announced that a broad understanding had been reached between Iran and the E3+3 on the nuclear issue at their meeting in Lausanne. China, France, Germany, Russia, the UK and the US form the E3+3.

Sherman pointed out that what had been reached were the political parameters for such an agreement. “We still have to write all the details of the agreement. We are trying to do that by June 30,” she added.

On the issue of China, Sherman said that the US, and she believed also India, wanted that China play by international norms and rules so that it is a fair playing field for all.