Iran says Europe offers new trade proposals amid US sanctions

Oscar PerrySep 23, 2018

The Trump administration is now in talks with India on issues related to Iranian sanctions.

In May, the Trump administration had pulled out of the Iran nuclear deal and brought back economic sanctions against Tehran.

India is yet to take a call on complying with the U.S. sanctions on Iran.

"Iranian oil exports are coming down pretty hard", said Roger Diwan, a veteran oil analyst at consultant IHS Markit Ltd. The Trump Administration has said, "Either you can do business with Iran or with us".

The port facilitates access to Afghanistan by bypassing Pakistan and is also a vital link in the International North-South Transport Corridor.

Work was slowed by the difficulty equipment suppliers had in obtaining financing for the project, a effect of hesitancy among banks about whether the U.S. might still try to sanction the project.

Earlier, India was looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of United States sanctions. It has also been hoping that the USA will give it some relief from the sanctions.

Merger of Vijaya Bank, Dena Bank & Bank of Baroda announced
Vijaya Bank shares traded at Rs 60.55, up Rs 0.75 and Dena Bank shares traded at Rs 19.10, with a gain of Rs 3.15 on the BSE. The merged entity will have a combined business of Rs 14.82 lakh crore, with 10,000 branches and around 85,000 employees.

The CRS report said that during a visit to India in June 2018, US Ambassador to the UN Nikki Haley said the Trump administration might consider providing exemptions to US sanctions to enable the Chabahar work to continue because the project is vital to Afghanistan's development and reducing its dependence on Pakistan.

New Delhi: India may revert to paying Iran in rupees for the oil it buys from its third largest supplier as U.S. sanctions will from November 4 block use of United States dollars to settle such trades, a top official said on Thursday.

State-owned refiner Hindustan Petroleum Corp has already halted purchases due to insurance problems, while Bharat Petroleum Corp boosted Iranian purchases earlier this year and expects to sharply cut Iranian flows once the sanctions take effect. During the previous sanctions regime, India adopted a barter-like scheme to buy oil from Iran while the Middle Eastern country used rupees to import goods from India.

However, despite its actions, Washington will not succeed in stopping Iranian oil exports, experts say, nevertheless, the decline will be felt as the Iran's economic crisis worsens.

Besides blocking of banking channels from November, the absence of payment mechanism may pose a challenge to the transportation of the oil as Iranian crude is bought on a CIF basis and shipped on Iranian tankers.

So far, the 28-nation bloc has not put forward a concrete proposal for making payments to Iran for buying of oil.

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