Published: Tue, July 17, 2018
Business | By Tara Barton

India, Iran pledge to maintain trade levels

India, Iran pledge to maintain trade levels

The other countries that reached the nuclear agreement with Iran - the UK, France, Germany, Russia and China - pledged to continue to honour the nuclear agreement to lift economic sanctions in return for curbs on Iran's nuclear program.

Mnuchin spoke to reporters while en route from Mexico, where he was part of a high-level USA delegation led by Secretary of State Mike Pompeo to meet Mexico's next president, Andres Manuel Lopez Obrador.

India and Iran on Monday reviewed their bilateral ties and plans to strengthen connectivity through Indian investment in Iran's Chabahar port besides import of Iranian crude oil in the wake of the USA imposing sanctions on Tehran.

The talks here came on a day United States treasury secretary Steven Mnuchin reportedly said in Washington that USA may consider providing waivers from the sanctions to some countries which require time to cut import of oil from Iran. Last week, news reports quoted an Iranian diplomat warning New Delhi that any cuts in Iranian fuel imports would lead to Iran blocking Indian investments in infrastructure projects. Earlier this month, government sources said India is 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 was not immediately clear whether Gokhale requested the USA delegation to consider providing India some waiver from the sanctions.

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States reimposes sanctions against Tehran, after Trump withdrew from the 2015 nuclear deal agreed between Iran and six major powers, against the advice of allies in Europe and elsewhere.

Trump kowtows to Putin in Helsinki
The president's statements also set off a firestorm in Washington, stoking criticism from prominent members of Trump's own party. Republican Patriots: "Where are you???" tweeted John Brennan , said former Central Intelligence Agency director John Brennan.

If Trump calls, it's not clear whether anyone will answer, with Iran's top leadership rejecting talks with the U.S.

Sources said both sides are looking at "experiences" from the past - when Iran was under sanctions by the US, UN and European Union - and want to develop banking mechanism to deal with the impending sanctions. He did not name the country he had not yet consulted.

"What they've asked us to do is review how we get there and the timeline for that", he said, "and so I'm very confident they understand".

The government is yet to take decision on cutting import of oil from Iran in compliance with the U.S. sanctions. "It's imperative to counter its habit of violating int'l law".

Iranian President Hassan Rouhani, speaking in remarks carried live on state television on Saturday, said Washington was more isolated than ever over sanctions against Iran, even among its allies.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia.

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