NEW DELHI – According to a report in The Hindulink>,India could be affected by the US decision with respect several factors,the main being oil prices.
Iran is presently India’s third biggest supplier (after Iraq and SaudiArabia), and any increase in prices will hit both inflation levels as wellas the Indian rupee, which breached Rs 67 to the U.S. dollar this week. Inthe past week alone, crude prices have crossed $70/bbl (barrel) level,touching a four-year high.
After Iranian President Hassan Rouhani’s visit to New Delhi in February,India committed to increasing its oil imports from Iran.
India has also committed $85 million to the development of Chabahar port insoutheastern Iran and the US pulling out of the deal would bring plans ofdeveloping the region. Chabahar Port will come under severe restrictionsand Indian dreams of huge investment in Chabahar Port and reaching CentralAsia and Afghanistan by passing Pakistan will be shattered.
US President Donald Trump has announced on Tuesday that he is pulling outof an international nuclear deal with Iran, European officials said, in amove that would raise the risk of conflict in the Middle East, upsetAmerica’s European allies and disrupt global oil supplies.
The 2015 deal, the signature foreign policy achievement of Trump’spredecessor Barack Obama, eased sanctions on Iran in exchange for Tehranlimiting its nuclear program to prevent it from being able to make anatomic bomb. Trump in his press conference blasted the Iran deal, called it’disastrous’ and ’embarrassment’.
Announcing that US is pulling away from the Iran deal, Trump said US willbe much safer without it. Trump said highest level of economic sanctionswould be imposed against Iran and any nation helping them to get nuclearweapons would also face sanctions.
Speaking out against the deal, Trump said, ” At the point when the US hadmaximum leverage, this disastrous deal gave this regime — and it’s a regimeof great terror — many billions of dollars, some of it in actually cash, agreat embarrassment to me as a citizen”. He blamed the Obama administrationfor getting a weak deal.