US Issues New Sanctions Against Iran - Treasury Department

US Issues New Sanctions Against Iran - Treasury Department

US Issues New Sanctions Against Iran - Treasury Department

India will keep trading with Iran and Venezuela despite the threat of fallout from U.S. sanctions against the two countries, Foreign Minister Sushma Swaraj said Monday.

Earlier this month, U.S. President Donald trump denounced the nuclear deal with Iran, and increased sanctions against Venezuela in connection with the illegal re-election of President Maduro.

Parties involved in the nuclear deal known as the Joint Comprehensive Plan of Action (JCPoA) "should engage constructively for peaceful resolution of the issues that have arisen with respect to the agreement", it said.

Iran is the third largest supplier of oil to India, after Iraq and Saudi Arabia.

But, minister Swaraj said New Delhi rejects "reactionary" policies and would not be dictated to by other countries.

Iran's notorious Evin prison and the paramilitary group Ansar-e Hezbollah have been hit with new United States sanctions, for allegedly committing "serious human rights abuses" against its political dissidents and critics of the government. The two sides are working on maneuvring around the- Countering America's Adversaries Through Sanctions Act (CAATSA), which mandates the US President to act against entities dealing with Russian defence establishment.

Earlier while addressing a press conference, Swaraj said that India's position on Iran will remain independent of any other country's decision.

During his visit, Foreign Minister Zarif will call upon Minister of External Affairs Sushma Swaraj at the Jawahar Lal Nehru Bhawan.

The two countries have significant trade ties in many areas, particularly in crude oil imports into India and diesel exports to Iran.

On Friday, Iran's Deputy Foreign Minister Abbas Araqchi met his counterparts from Europe, Russia and China to discuss the future of the deal.

Of course, getting around United States sanctions imposes costs, but Iran can sacrifice say 15% of its oil profits for the sake of continuing to do business.

"The Indians told us that they won't support unilateral sanctions against Iran and affirmed that India's government resolutely backs the nuclear agreement", said Gholamreza Ansari, Iranian Deputy Foreign minister for Economic Diplomacy, on Tuesday.

According to the External Affairs Ministry, India-Iran bilateral trade during the 2016-17 fiscal was $12.89 billion.

China's President Xi Jinping will meet President Hassan Rouhani on the sidelines of the Shanghai Cooperation Organisation (SCO) meeting on June 9 and 10 in Qingdao, said Foreign Minister Wang Yi.

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