U.S. curbs: India to decide on Iran crude imports after polls

Moderator 1
By Moderator 1 May 15, 2019 11:58

U.S. curbs: India to decide on Iran crude imports after polls


News

India will take a call on the purchase of Iranian energy after the general elections, External Affairs Minister Sushma Swaraj told her Iranian counterpart Javad Zarif

Background of visit

  • In May 2018, Trump withdrew from a nuclear deal that the US and five other major world powers had struck with Iran in 2015 to curtail its nuclear programme. In November that year, Washington re-imposed sanctions on exports of Iranian oil. But eight countries – India, China, Turkey, Greece, Italy, Japan, South Korea and Taiwan – had been given 6-month reprieves from the unilateral US sanctions on Iran.
  • S. waivers for supply of Iranian energy ended on May 2
  • As tensions between the US and Iran escalated, US deploying the USS Abraham Lincoln Carrier Strike Group and a bomber task force to the US Central Command region
  • In retaliation Iran threaten that it would no longer be bound by the 2015 nuclear deal.
  • Iran has given a 60-day timeline to the EU-3 and other parties to the nuclear deal for restoring oil and banking channels. As part of the JCPOA, Iran was required to sell its surplus enriched uranium abroad, rather than store it inside the country.
  • Zarif’s trip is a strategic move by Iran to rally support. Zarif has already been to China and Russia, before he came to Delhi.

Details

  • On purchase of oil from Iran, External Affairs Minister reiterated the position that a decision will be taken after the elections keeping in mind commercial considerations, energy security and economic interests of nation
  • However, India has not openly committed to reduce its import of oil from Iran to zero following the withdrawal of the US waiver, senior officials have earlier said it may not be possible to continue to buy from Iran as the banking, insurance and shipping systems would be under sanction.
  • Although India and Iran “expressed satisfaction” at the operationalisation of the interim contract between India Ports Global Limited (IPGL) and Ports and Maritime Organisation (PMO).
  • The official source mentioned that both the foreign ministers also discussed the current situation in Afghanistan where violence has erupted with the beginning of the holy month of Ramzan despite the US-led talks with a Taliban delegation in Doha.

India’s Position

On the critical nuclear deal, India urged all parties to the agreement to continue to fulfill their commitments and all parties should engage constructively and resolve all issues peacefully and through dialogue

Source

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Moderator 1
By Moderator 1 May 15, 2019 11:58