US Ends Exemptions, Indian Firms Face Iran Sanctions

May 14, 2024

The 2018 exemption was granted to allow India to construct and develop the port in south Iran …reports Asian Lite News

A few hours after India and Iran signed a 10-year agreement regarding the Chabahar port, the US has said there will be no exemptions for Indian firms dealing with Iran from sanctions already in force.

This signals a dramatic shift away from the previous exemption from sanctions granted by the Trump administration in 2018 when the then-president rescinded the Iran nuclear deal signed by his predecessor President Barack Obama.

Vedant Patel, the Principal Deputy Spokesperson for the US State Department, told reporters on Monday that while the agreement was a bilateral matter between India and Iran and that India was free to run its foreign policy the way it wants, “any entity (or) anyone considering business deals with Iran … need to be aware of the potential risks that they’re opening themselves up to the term risk of sanctions”.

Asked if there will be no exemptions, the Spokesperson said, “No.”

He was responding to questions on the agreement signed by New Delhi and Tehran that allows India to operate the Chabahar port for 10 years.

The 2018 exemption was granted to allow India to construct and develop the port in south Iran to allow it to send shipments to Afghanistan and beyond because Pakistan did not allow the use of its territory.’

ALSO READ: Iran Open to Direct Talks with US

Previous Story

Iran Open to Direct Talks with US

Next Story

India, Iran sign long term deal for Chabahar Port operations

Latest from -Top News

Red Sea Warzone

Iran-backed rebels intensify maritime assaults in support of Gaza; US and EU condemn abductions, Israel intercepts missile….reports Asian Lite News The Iran-aligned

UAE dropped from EU AML watchlist

Landmark decision paves way for stronger trade, smoother finance, and renewed global trust…reports Asian Lite News The UAE has been formally removed

Pakistan, Turkey Cement Defence Ties

Turkey and Pakistan aim to enhance bilateral trade volume to USD $ 5billion, especially in defence, trade, energy, and infrastructure sectors….reports Asian

US Issues Iran Travel Alert

The statement came amid the recent tensions between the US and Iran following the 12 days of escalating conflict between Iran and

Don't Miss