On 8 May, the US, under President Donald Trump, pulled out of the Iran nuclear deal. The deal, also known as the Joint Comprehensive Plan of Action (JCPOA) is an agreement struck between Tehran and the five permanent members of the United Nations Security Council and Germany (P5+1) over the former’s alleged nuclear weapons programme. Since then, Iranian foreign minister Javad Zarif has visited New Delhi to drum up support for its stance.
This decision by Trump is now expected to open up the possibility of the US Congress legislating more sanctions on Iran. These sanctions, like before, will also bring India-Iran ties to another challenging crossroads.
Oil, expectedly, is going to be one of the most heavily affected commodities for buyers and sellers dealing with Tehran. The US Treasury has highlighted that entities buying and selling crude oil from Iran could be blacklisted, unless waivers are negotiated with the administration. Global companies such as French oil and gas giant Total and Danish shipping conglomerate A P Moller-Maersk have already distanced themselves from Iranian businesses. Read More
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