By Florence Tan, Nidhi Verma and Trixie Yap SINGAPORE/NEW DELHI (Reuters) -Russia-backed Indian refiner Nayara Energy is exporting oil products through sanctioned tankers and tapping new markets this month as it revives overseas sales in the aftermath of crippling sanctions,

Already suffering a 40 percent inflation rate and critical shortages of power and water, many in Iran expect conditions to get worse.

Commanding more than $2 billion in export revenue in its heyday of the early 1990s, the industry now struggles to scrape together around $40 million, marking a dramatic collapse of more than 95%. The reimposition of sanctions in 2018 meant the age-old craft lost what was traditionally its largest market — the United States.

United Nations sanctions on Iran over its nuclear program are reimposed after a last-minute diplomatic push fails.

Iran’s President Masoud Pezeshkian said the Trump administration had demanded his country hand over its entire enriched uranium stockpile in exchange for temporary relief from impending UN sanctions.

U.S. sanctions on Serbia's Russian-owned NIS oil company that were supposed to take effect on October 1 will be postponed for eight days, Tanjug news agency reported, quoting President Aleksandar Vucic.