The US has asked countries to cut all oil imports from Iran as it seeks to starve the nuclear stronghold and the rising economy of Iran after bailing out of the "Iran Nuclear Deal framework" citing reasons of it being the most incompetent and one-sided deal. This deal was signed among Iran, the P5, Germany and the European Union. The unilateral sanctions imposed by the US in the recent days has brought to forth several problems for the Oil importers like India and China among others.
The sanctions so imposed by the US brings to the face severe economic problems for India. Iran was the second highest source of Oil Imports for India, second only to Iraq, and it exports 5.6 Million Metric Tonnes to India. This huge import from Iran, if stopped, would create a huge economic slump in the Indian market and would open up the Indian economy. India has applied to the US for some waivers or sanctions regarding the Iranian oil imports and it hopes to get some relief through them. If not, India will have to take a tough call in choosing between Iran and the US and this call might shape all the future diplomatic relations with the US and even with other oil importers like Saudi Arabia.
If India abides by the US sanctions
Firstly, If India follows the mindless US sanctions on Iran, then India will have to depend more on other countries for oil imports and which shall create a huge financial burden on the economy. Secondly, if India cuts off all the oil imports from Iran, it will ruin all the friendly relations of India with Iran and this shall also have an abysmal impact on the Iran economy.
If India defies the US Sanctions
This step would surely define India's character in the International arena and would pose India as an independent nation not guided by a country's unilateral sanctions. Also, this would disrupt its relations with the US and will have a detrimental impact on the Indian economy and would invite some troublesome actions and reactions from the Trump Ministry against India. On the other hand, this will continue to strengthen India's relations with Iran. Moreover, if India defies US Sanctions, this would make Chinese case stronger since the US and China are at loggerheads in concern with their economic relations. Another negative impact that is probable is the worsening of India-Saudi relations since Saudi is on the side of US in imposing these sanctions and if India-Saudi relations are adversely affected, the third-highest oil exporter to India may be on the route to stop such exports if it continues to stick to the US.
As Sushma Swaraj has recently declared that India is not guided by any country's unilateral sanctions and shall only abide by the United Nation's sanctions, it pretty much makes India's stand clear. This announcement comes after the Iranian foreign minister came to woo India in continuing with the oil exports. But only time will tell if this act was with the 'permission' of the US or an act against the 'diktats' of the US.
0 comments:
Post a Comment