Iran Files Suit Against US Sanctions At World Court

US sanctions on Iran nuclear deal

"It was agreed to maintain the momentum of mutually beneficial multifaceted bilateral cooperation and exchanges between the two sides []" the Ministry of External Affairs said at the end of talks between visiting Iran deputy Foreign Minister Seyyed Abbas Araghchi and Foreign Secretary Vijay Gokhale, adding that both sides had discussed "issues that have arisen over the Joint Comprehensive Plan of Action (JCPOA)".

The delegation led by assistant secretary for terrorist financing Marshall Billingslea also held separate talks with top officials of the finance ministry.

The first set of U.S. sanctions on Iran will start from 6 August and second set will begin from 4 November.

After softening the tone earlier this month, the US government appears to be going back to its hardline on sanctions, which threatens to shut in the bulk of Iranian supply.

"We are all in this together, since the European Union is facing a net loss of 10 billion euros ($11.7 billion) in lost trade with Iran next year", Scholz said.

The government is yet to take decision on cutting import of oil from Iran in compliance with the USA sanctions.

It was not immediately clear whether Gokhale requested the U.S. delegation to consider providing India some waiver from the sanctions. Iran's total oil export amounts to roughly 2.2 million barrels a day, of which half is bought by China and India.

India is also hopeful that the United States would see its investment in Chabahar from a geopolitical perspective of giving sea access to land-locked Afghanistan, which would lessen Kabul's dependence on Pakistan, to consider it as a special case.

Any immediate disruption in oil supply can have implications for India both in terms of crude availability and the global crude price fluctuating.

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Sources said India may request the U.S. to consider providing it some waiver from the sanctions on import of Iranian oil.

"This administration in the United States doesn't know how to behave towards the world... it breaks worldwide treaties as a tool".

Yesterday, India and Iran had extensive deliberations on ways to deal with the impact of the U.S. sanctions and decided that both the countries will maintain the momentum of mutually beneficial bilateral cooperation. Unlike many other news organizations, we have not put up a paywall.

The first set of United States sanctions will kick in from August 6.

India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the United States sanctions on import of Iranian petroleum products.

European banks have made no comment on the officials' suggestion of offering the opportunity to Iran.

Under the mechanism, India used to pay in euros to clear 55 percent of its dues through Ankara-based Halk bank.

Much remains to be seen, but the recent selloff in oil prices and the restoration of oil from Libya means that the Trump administration has a lot more room to take the hardline position that it wants to take on Iran.

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