INDIA WILL BUY OIL FROM IRAN, DESPITE US SANCTION - IS THIS BRAVE STEP ?

BACKGROUND - HOW ALL THIS ORIGINATED ?

Like, In India - we have Lok Sabha & Rajya Sabha pass the bill and make that a law.

Likewise, in USA - There is Congress. They pass the bill and make that a law.

USA Government did the voting and passed the CAATSA Bill. CAATSA is an American law.

The bill was passed during the 115th congress , in the Senate. On August 2, 2017, President Donald Trump signed it into law while issuing two statements simultaneously that he believed the legislation was "seriously flawed".

CAATSA - Countering America's Adversaries Through Sanctions Act.

US Government passed this CAATSA against three countries - Iran, North Korea and Russia.

And also warned that if any other country deal with these three countries, then Sanctions will be imposed on that country too under CAATSA


Image result for India Will Buy Oil from Iran STUDY IQ

 WHY CAN THE US IMPOSE ECONOMIC SANCTIONS ON OTHER COUNTRIES?

There are many reasons -
  • US is the part of NATO.
  • US as a militarily is a very very powerful country. 
  • There are many nations (Japan, South Korea, Singapore, Saudi Arabia, UAE, Germany, Italy, Poland, Netherlands, France, Spain, Turkey, Israel, Kuwait, Philippines) who utterly depends on US for their security.
  • As well as those who do the business with the US so largest banking sector created.
  • Dollar is very powerful and in various countries dollar is used as foreign exchange reserve.
WHY IRAN INCLUDED IN CAATSA ACT ?

There are many reasons -

Iran was creating Nuclear Bombs in a very speedily manner. Thus, America was nervous with this.Then US put sanctions on Iran.
US came with conclusion with Iran to slow down this process and after that we will remove sanctions,
But when Trump came in Power he thing Iran Nuclear Deal is not good as finally they get Nuclear Bomb Thus, US withdraw from Iran Nuclear Deal and impose sanctions on Iran and combined those sanctions with CAATSA too.

The other reason is Israel. Trump is very concerned about Israel security. The Nuclear Bomb developed by Iran will be for Iran. As Via Israel, US can control near by whole regions. Iran is against Israel thus US is against Iran.

American Evangelicals(a community) love Israel (due to religious faith that Jesus Christ will came back in Israel). And Evangelicals played an important role in Trump voter base.

WHY IRAN MATTERS TO INDIA?

Chabahar Port

Oil  (discounted rates)

A strategic Partner.

INDIA'S BRAVE MOVE

India set to buy Iranian Oil in November Despite U.S. Sanctions India set to buy.

India will buy a total of 9 million barrels of Oil from Iran in November.

India is Iran's second-largest single oil customer after China.and was expected to cut back on Iranian Oil purchases, but unlikely to cut off completely the cheap Iranian oil that is suitable for its refineries.

WHY IS IT BIG ? AS WE EARLIER ALSO PURCHASE OIL FROM IRAN

It is because India ignore the deadline (November 4) given by US and overruled the CAATSA.

 HOW INDIA WILL DO THE PAYMENT - AS US BLOCKED THE DOLLAR PAYMENT TO IRAN ?

Earlier, India and Iran did payment in dollar, but as US sanctions on Iran, US has blocked the Dollar Transactions with Iran.

India will use the EURO.

and May be in Future, India will use Rupee in Trade with Iran.

IS THIS RISK IS WORTH ? WHY IRANIAN OIL IS SO GOOD ?

Here Reason is not of quality, but the offer provided by supplier.

Iran gave 60 days credit Period to India.

Since, US has blocked the banking channels. So, Delivery will be done via Iranian ships - Thus CIF(Cost, Insurance and Freight) costs will be bear by Iran.

It's very affordable for India.

For more information, you can access below links:

https://www.thehindubusinessline.com/markets/commodities/india-to-continue-to-buy-iran-oil-despite-sanction-threat/article24861180.ece

https://economictimes.indiatimes.com/news/politics-and-nation/india-to-buy-iranian-oil-in-november-despite-us-sanctions-dharmendra-pradhan/articleshow/66120998.cms

Above Information is as per data available in news till the date when I am posting this. For Other Topics visit - http://learn2ogether.blogspot.com

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