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After the meeting of PM Modi and Iranian President Masoud Pejeshkian, America has made its position clear regarding India-Iran trade relations. US Secretary of State Marco Rubio has said that he does not think that any trade deal is currently being discussed between India and Iran.
However, he also warned that if any country helps Iran to avoid US sanctions, then America can also impose sanctions on that country. Rubio said this during an interview.
Modi and Iranian President meet in SCO
The statement of the US Secretary of State comes after the meeting of PM Modi and Iranian President Masoud Pejeshkian on the sidelines of the SCO summit. The two leaders discussed India-Iran relations, trade and the situation in West Asia.
Modi had said that India wants to further strengthen its old relations with Iran. Emphasis was also laid on increasing trade between the two countries and including new areas in it.
Modi had said that India will continue cooperation with Iran on forums like BRICS and SCO. He also invited Pejeshkian to attend the BRICS summit to be held in New Delhi on 12-13 September.
Talk on tensions in West Asia
- India had said that the disputes in West Asia should be resolved through dialogue and diplomacy.
- India also stressed on maintaining peace, stability and freedom of trade through sea routes.
- The two leaders also discussed the safety of commercial vessels, sea routes, seafarers and civilians.
America bans 5 sources of income for Iran
Actually, America has imposed new sanctions on 5 important sectors of Iran’s economy. Which Iran uses for its economic activities in other countries.
These include digital assets (such as cryptocurrencies), technology, gold, aviation and shipping sectors. America wants to stop Iran’s earnings and international business through these sectors.
That is, if any country does such business with Iran in these areas that it gets money or economic benefits. So America can also impose sanctions on that country or exclude it from the US dollar financial system.
America said- Now Iran has only two ways left
US Treasury Secretary Scott Besant had said that we have started ‘Operation Economic Outcast’. This is a campaign against Iran and its allies.
Iran now has only two options. First- Complete isolation from the world and a subsistence economy. Second- Getting back to normalcy and getting a chance to re-engage in the global economy.
Ban on 4 Indian companies also
America has also imposed sanctions on 4 Indian companies on charges of oil and petrochemical business with Iran. According to the US State Department, these companies played a role in purchasing petroleum and petrochemical products from Iran or bringing them to India.
These include Porteous Partners, Sadashiva Overseas, PP Softtech and Prakriti Infra Impex India. America says that this action has been taken to stop Iran’s oil earnings and to increase pressure on the networks related to its business.
What impact it can have on India, understand in 5 points…
Oil: If India buys crude oil from Iran, payment and purchase may become difficult due to US sanctions.
Chabahar Port: India has strategic and business interest in Iran’s Chabahar port. American sanctions may affect this project.
Payment in Dollars: If US financial sanctions are imposed on Indian businesses linked to Iran, it may become difficult to transact in dollars.
business: Indian companies doing business with Iran may have to follow US rules.
Diplomatic pressure: America can also ask India to limit economic relations with Iran. However, India will take a decision based on its national interest and energy needs.
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