Nuclear sanctions on Iran has been removed by US [ Current Affairs ]

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After Iran has committed to roll back its nuclear programme, United States (US) has removed a wide range of nuclear sanctions against Iran. These sanctions were lifted after conformation of International Atomic Energy Agency (IAEA) that Iran has met its commitments under the Joint Comprehensive Plan of Action (JCPA) or Vienna agreement with P5 + 1 country signed in July 2015.

P5 + 1 countries include the five permanent members of the UN Security Council (UNSC) which are:

  • USA
  • Russia
  • China
  • UK
  • France
  • Germany (non- permanent member)

Key facts

Only a secondary sanction has been removed by US on Iran according to which other countries can’t deal with Iran.

These secondary sanctions include

  • financial services
  • banking
  • insurance
  • energy
  • petrochemicals
  • Shipping and ports

But the primary sanctions on Iran still remain in force.

Which block US citizens and companies from doing business with Iran.

Benefits to India

  • If primary sanctions lifted it will be benefit for India.
  • With this India will imports at lower price from its traditional supplier Iran and also boost trade opportunities.
  • It will also bring offered India-Pakistan-Iran (IPI) gas pipeline closer to reality.
  • It will push development and construction of strategic Chabbar port which is focal point of India’s gateway to energy rice central Asia and Eastern Europe through proposed International North South Trade Corridor (INSTC).

- Published on: January 18, 2016