Wednesday, February 15, 2012

India–Iran Oil Trade: will the US stall Nuke Co-operation ?

The bilateral hearing of India – US nuclear ties regarding the nuclear cooperation and other economic sanctions from the United States came to a near halt when the Indian counterpart insisted on not backing off from oil trade with Iran in the presence of US Indian Ambassador, Nancy Powell.

The reactions of US senators is expected and it is harsh, given the growing closeness between Washington and New Delhi in the recent past in areas of power, military and civil cooperation. The senators didn’t hold themselves back gushing out their anguish on New Delhi, when Ranjan Mathai, the Foreign secretary of India made the country’s plans clear to Ms. Hillary clinton by presenting New Delhi’s perspective on this and other issues standing between the both countries.

New Jersey Senator Robert Menendez took a step ahead and liberty to accuse india of “rebunking economic Sanctions (US led)” for considering the payment in terms of gold and looking for other way around to counter US move to halt money flow into the Iran. ''For our sanctions to be effective, it's really crucial that all nations, particularly democratic nations like India, work together to confront Iran,'' Menendez said, urging Powell to convey to New Delhi that this is a ''policy priority'' and the US will not hesitate to take appropriate action under its law to enforce the sanctions, a step that will hurt Indian companies if they continue trading with Iran.

Outside these two niggles, there was the usual buoyant assessment of US-India ties, with the Senate Foreign Relations Committee Chairman John Kerry reiterating the broad Washington consensus that ''America is an interested stakeholder in India's increasing ascent to greater economic and greater global power and participation.'' Powell, a veteran foreign service nominee who Kerry described as ''one of our best'' agreed, describing India as ''leading security partner of the US in the 21st century.''
Describing India as a ''net security provider in the Indo-Pacific region,'' Powell, considering a shoo-in for the New Delhi post with confirmation a mere formality, said the ''number and kinds of interactions between our two countries at all levels is staggering in its breadth and depth.''

Does the reactions of these senators convey the message that US is not going to take it easy on India – Iran’s relations regarding oil and money flow ? Is it the time for India to see another way around to develop a sovereign and unsanctioned methods to revive its nuclear capacity, may it be civil or defense and counter the wrath of United States. Well, the developments in the coming days prove to be very interesting with regard to the senators’ comments on Indian determination to continue its business with Iran.

For the reader SUN, who asked the sources, here are a couple of them dude.

1. http://timesofindia.indiatimes.com/business/india-business/Oil-imports-India-Iran-work-out-rupee-trade-mechanism/articleshow/11873283.cms

2. http://www.pravasitoday.com/transcript-of-press-briefing-by-foreign-secretary-ranjan-mathai-on-pm%E2%80%99s-visit-to-united-nations-general-assembly

I hope the above two sources will give u a better knowledge of the deal than what I tried to provide here. Please let me know if you need some more. I will look for them.

Source: Times of India.

Images Courtesy: Google.

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