Bishkek, June 14: Indian Prime Minister Narendra Modi is slated to hold a meeting with Iranian President Hassan Rouhani on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Bishkek, Kyrgyzstan, amid mounting tensions in the Middle East due to friction escalation between the United States and Iran.
According to ANI news reports, the India-Iran meeting is slated to be held against the backdrop of the sanctions imposed by the US on Iran, as well as, the partial withdrawal of Tehran from the Joint Comprehensive Plan of Action (JCPOA).
Japan, South Korea, Turkey, China, and India were among the eight nations that were given a waiver to keep buying Iranian crude oil without facing any penalties, which are now likely to be provided with renewed waive by the US President Donald Trump administration.
Analysts have also predicted if the waivers were not been renewed the oil market would immediately disrupt. Banks, individuals, and companies who are benefiting from Iranian crude oil waiver could possibly face the US sanction.
Ministry of external affairs (MEA) spokesperson Raveesh Kumar stated, “Government has noted the announcement by the US Government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision.”
The spokesperson added saying the Indian government will continue to work with its partner nations, including with the US, in order to find all possible ways to protect India’s economic and energy security interests, according to ANI news reports.
The US state department had in November issued the 180-day sanctions waivers to some eight nations importing Iranian crude oil in order to provide them additional time to pave alternative sources of purchasing oil.
US President Donald Trump has said he was seeking Iran to come back to the negotiation table and ink a better deal than what was signed with ex-President Barack Obama. However, Iran has reiterated its refusal to Trump’s demand, stating it has no intentions of doing so.
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