Iran Sanctions: India Has Given In to US Pressure

Iran’s Economy Minister Farhad Dejpasand

"Trump thought he could shrink our country's oil revenues by imposing sanctions on Iran's oil and cutting its exports, but the rise in oil prices did not let that happen", Mohammad Baqer Nobakht, the head of Iran's Planning and Budget Organization, said last month.

In Moscow's first official reaction since the restoration of Washington's bans on Tehran, Russian Foreign Minister Sergei Lavrov said on Tuesday that the United States sanctions are "not legitimate". The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of USA shale oil threatening to unleash a new surplus in 2019.

Lavrov emphasized that Russian Federation and its European partners were looking for ways to maintain economic ties with Iran.

"Sanctions on Iran are so far proving to be less severe than first thought. because the United States has now issued waivers to a raft of countries", O'Loughlin said. The bans had been lifted under the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

That will allow the eight, which account for about 75 percent of all Iran's oil exports, according to trade data, to import at least some oil for another 180 days. All of them maintain that they will continue to trade with Iran. "If we sell our oil for $1 less than market price, it will have tens of buyers".

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China's crude imports rose to 9.61 million barrels per day (bpd) in October, up 32 per cent from a year earlier, customs data showed. In the past six months, in preparation for the sanctions to be imposed, the United States has been negotiating with India to cut oil imports from Iran.

Some market watchers believe the Organization of the Petroleum Exporting Countries and allies including Russian Federation may take steps to reduce supply. In another counter-measure made possible by state control of the oil sector, Iranian authorities are using special exchange centers to sell dollars at cheaper rates to importers of basic foods, medicine and other essential goods. "The US has given waiver to some countries including India".

Iran's oil minister on Thursday predicted a painful time ahead for worldwide oil customers as USA sanctions take hold, saying waivers that Washington granted to eight major oil-importing countries are not enough for market demands. We are yet to know what are the serious concessions conceded by the Indian government. Demand in the biggest markets U.S., China, Europe, and India says Hinds "remains resilient". The other signatories to the nuclear deal - Germany, France, Britain, the European Union, Russia and China - have condemned Trump's walkout from the pact.

The sanctions, however, will inevitably erode Iran's state finances and raise already high inflation and jobless rates, making life harder for ordinary Iranians. While ordinary Iranians struggled, Iran's clerical and security establishment and business world sought kept the economy running by means including resorting to barter as well as foreign currencies other than the U.S. dollar.

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