India, US hold talks on proposed American sanctions against Iran

Pauline Gross
July 21, 2018

Today, finance ministers of the G20 will convene in Buenos Aires for a three-day conference.

Iran has lodged a complaint at the International Court of Justice (ICJ) over the United States' "unlawful" move to re-impose "unilateral" sanctions against Tehran following President Donlad Trump's move to withdraw from the multilateral Iran nuclear deal.

Countries and businesses that continue to import Iranian oil could avoid penalties by making "significant reductions" as Washington re-imposes sanctions on Tehran later this year, according to top US officials.

The first set of USA sanctions, which take effect on August 6, will target Iran's automotive sector, trade in gold and in other key metals.

Dilip Sinha, who was in charge of the Iran-Pakistan-Afghanistan desk in the Indian foreign ministry previously, said India should look at protecting its options on Chabahar given that "oil is not in short supply in the world".

Pompeo was specifically referencing discussions with Asian allies which are major Iranian oil importers, namely South Korea, China, India and Japan.

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His comments appeared to be trying to ease popular concerns fueled by Trump's decision to withdraw from the deal with Iran on its nuclear program.

A delegation from the United States is arriving in Delhi on Tuesday as part of the Trump administration's efforts to engage with major powers on the Iranian issue.

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"If we need more than 1 million bpd, I don't rule out that we can quickly discuss it and make a quick decision", Novak told reporters on Friday.

New American sanctions on Iranian oil exports are set to take effect in November, although USA officials have floated the possibility of offering some waivers.

Washington threatened European companies doing business with Iran with sanctioning and called on its western allies to stop importing Iranian oil.

A high-level delegation from the U.S. on Tuesday held crucial talks with Foreign Secretary Vijay Gokhale over the United States sanctions on the import of Iranian oil amid indications that Washington may offer an exemption to some countries from the restrictions.

Araqchi further said that based on the nuclear accord, India must find ways to safeguard Iran's interests. "It's imperative to counter its habit of violating worldwide law".

Harsh economic sanctions on Iranian entities and groups with links to Tehran have been central to the Trump administration's policy in the region.

His visit also comes after a senior Iranian diplomat Massoud Rezvanian Rahaghi warned India with retaliatory measures if India reduced oil purchase.

OPEC, Russia and several other oil-producing nations agreed last month to raise output to tame rising crude prices. Prices have climbed sharply this year, in part due to concerns about US sanctions on Iran disrupting supply from the OPEC nation.

Other reports by GizPress

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