Iran sues US in international court over sanctions

  • Iran sues US in international court over sanctions

Iran sues US in international court over sanctions

Russian Federation to discuss investing in Iran's oil industry.

"We want people to reduce oil purchases to zero, but in certain cases, if people can't do that overnight, we'll consider exceptions", Mnuchin said on Friday, clarifying some U.S. officials' comments that there would be no exemptions.

But at the end of the discussions, a third person familiar with the exchanges said, "It was an interactive process where both sides shared their concerns".

The US signalled that it would consider sanction waivers for countries that would need more time to slash oil purchases from Iran, in an apparent attempt to avoid disrupting worldwide oil markets, two persons familiar with the development said.

"We know that there are pressures from outside but we count on the Indian government to make proper decisions based on national interest", Araghchi was quoted as saying by news reports.

Under the deal signed in 2015, the United States, Britain, France, Germany, Russia, China, and the European Union agreed to lift global sanctions against Iran.

The most important benefit of the 2015 deal for Iran was the lifting of United States and worldwide sanctions that had paralyzed Iran's economy prior to the nuclear deal.

The Wall Street Journal quoted "several European officials" on July 16 as having said that three European states are about to open new accounts or activate old accounts for the Iranian Central Bank in spite of USA sanctions in what it described as "the first concrete sign that Europe could deliver on its promise" to sustain the Iranian nuclear deal.

The sudden plunge in oil prices could grant the Trump administration more leeway as it tries to shut in Iranian supply. Iran's total oil export amounts to roughly 2.2 million barrels a day, of which half is bought by China and India.

Japan's biggest bank, MUFG Bank Ltd, will halt all Iran-related transactions to comply with the imposition of USA sanctions, according to a document seen by Reuters on Thursday.

"There are two parties in the equation-the Americans and the Iranians", said former foreign secretary Lalit Mansingh.

There were no official comments from the Indian and the United States side.

"New Delhi has been apprised of the United States thinking on the sanctions on Iran".

Former Indian ambassador to the US Arun Singh was of the view that the current situation-in a broad manner-was similar to what was prevailing between 2012-15 before the Iran nuclear deal was negotiated. "There will be a handful of countries that come to the United States and ask for relief.We'll consider it", he told Sky News Arabia during a visit to Abu Dhabi. This is what India had followed, winning it exemptions, he said. Ports and shipping also come under U.S. sanctions.

On the USA sanctions, the government has been maintaining that it will go by what is in the country's national interest.

Yesterday, India and Iran had extensive deliberations on ways to deal with the impact of the United States sanctions and decided that both the countries will maintain the momentum of mutually beneficial bilateral cooperation.