New Delhi, Apr 22 (IANS): India said on Monday it is studying the implications of the US decision to no longer exempt it from penalties for importing oil from Iran.

The US said it has decided that five major countries, including India, will no longer be exempt from penalties if they continue to import Iranian oil.

"We have seen the announcement by the US Secretary of State. We are studying the implications of the decision and will make a statement at an appropriate time," sources said here.

The US announced that sanction waivers for China, India, Japan, South Korea and Turkey would not be renewed when they expire on May 2. The decision is intended to deny Iran its principal source of revenue.

In November, the US reimposed sanctions on exports of Iranian oil after President Donald Trump withdrew from a 2015 nuclear accord between Iran and six world powers.

Washington, however, granted waiver to Iran's eight main oil buyers from the sanctions that allowed them limited purchases for six months. These countries were India, China, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate and driving away foreign investors, which have triggered protests across the country.