India Determined To Save The Iran Nuclear Deal: Iranian Officials

India Determined To Save The Iran Nuclear Deal: Iranian Officials

India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the U.S. sanctions on import of Iranian petroleum products.

India and the U.S. on Tuesday agreed to continue consultations on the proposed American sanctions on Iran, a day after Iranian deputy foreign minister Abbas Araghchi visited New Delhi for discussions on pressing ahead with energy and connectivity cooperation.

The United States wants to avoid disrupting global oil markets as it reimposes sanctions against Tehran and in certain cases will consider waivers for countries which need more time to wind down their oil imports from Iran, US Treasury Secretary Steven Mnuchin said. "We are thus not in a position to make exceptions to this policy except in very specific circumstances where it clearly benefits our national security".

The U.S. has warned other countries that they will also face sanctions if they continue to trade with sanctioned sectors of the Iranian economy.

In May, Pompeo issued a 12-point list of demands from Iran, including halting its ballistic missile program and ending interventions in Syria and Yemen.

"I think we should be careful of pushing Iran completely to the brink", said Maher, warning that "Sometimes you push people they retaliate even it's not in their best interest in a long term to force you to the negotiating table".

The meeting assumed significance even as it took place ahead of the first set of U.S.' sanctions on Iran, kicking in on August 6. State Department officials didn't immediately respond to a request for comment. However, many of them left again due to the latest sanctions threat by the USA government. Together with European countries, Araghchi said, India could work to save the 2015 Iran nuclear deal, which had seen the freeing of Iran from the multiple layers of sanctions imposed on it for its suspect nuclear programme.

Washington threatened European companies doing business with Iran with sanctioning and called on its western allies to stop importing Iranian oil.

Still, Mnuchin acknowledged that replacing Iranian crude exports will not be easy for many of its customers or for the global oil markets, where the threat of looming sanctions has put pressure on oil prices.

Widespread angst over the return of sanctions on Iran has caused the Iranian currency to reach a record low of 90,000 rials to one US dollar, prompting widespread protests replete with calls for a change in leadership including overthrowing the current regime.

Last week, China's biggest refiner ShanDong Dongming Petrochemical Group also announced that it had halted crude oil purchases from the United States and instead turned to Iran for imports. Ports and shipping also come under United States sanctions.

The most important benefit of the 2015 deal for Iran was the lifting of United States and worldwide sanctions that had paralyzed Iran's economy prior to the nuclear deal.

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