Thursday, 23 May, 2019

Setback for Modi after Trump's withdrawal from Iran nuclear deal

Jean-Claude Juncker GETTYEuropean Commission Jean Claude Juncker wants the EU to"replace the US as a superpower
Deanna Wagner | 11 May, 2018, 11:33

Yukiya Amano, director-general of the (IAEA), reiterated in a statement that "Iran is subject to the world's most robust nuclear verification regime" and that the 2015 Joint Comprehensive Plan of Action (JCPOA) was "a significant verification gain".

By pulling out of the US-Iran nuclear deal and deciding to re-impose sanctions against Iran, US President Donald Trump has set the clock back on peace moves in the region initiated by his predecessor Barack Obama.

The Obama-era deal was dumped earlier this week by the United States, and surprised many of its allies who are part of the deal. France, the United Kingdom and Germany have declared they will stand by the deal as have China and Russian Federation.

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India came under intense U.S. pressure from 2011 regarding its exposure to Iran and the Persian nation slipped from being India's top source for oil, replaced by Iraq and Saudi Arabia. The deal was a blow to hardliners in the USA and Israel who were determined to declare war on Iran, as well as the conservative right-wing in Iran which had tried to weaken the government of reformist President Hussain Rouhani by portraying the deal as a sell-out. Trump's announcement might also impact India's decision to invest in the petrochemical and fertiliser sector of Iran, including any investment in the hydrocarbon sector. It is not yet clear if Mr. Zarif will also visit India given the close cooperation that exists between New Delhi and Tehran. Fresh sanctions on Iran will complicate India's payments for oil imports, reminiscent of pre-deal period when alternative banking channels and methods were used. "We do not expect any dip in trade due to the return of these sanctions".

India had committed a $500-million investment in setting up the Chabahar port and ensuring connectivity from the port to Afghanistan and Russian Federation by road linkages.

"It is expected that the fresh sanctions will prompt Iran to raise energy prices, afresh, as its exports in the a year ago had taken a huge hit", said a research report by Enincon, New Delhi-based oil and gas sector consultancy firm in a research note.