Iran

The Iranian story

Stories are coming through thick and fast, so tonight I am providing the links for the articles instead

US could penalize India over Iranian crude imports 

“India's Oil Minister Jaipal Reddy, Finance Minister Pranab Mukherjee and Foreign Secretary Ranjan Mathai have said that India will continue to buy Iranian oil to meet its growing energy needs. While the Indian government has an excellent record of enforcing United Nations sanctions on Iran, India has objected to unilateral U.S. sanctions, according to U.S. officials.

“We abide scrupulously by UN authorized sanctions, but restrictions imposed by individual countries have an impact on commercial interactions and from a legal perspective there is nothing that binds us to follow them” Indian Foreign Ministry spokesman Syed Akbaruddin said in an interview”

Crucial payment hub severs ties with Tehran

"Iran has been largely cut off from global commerce after the company that handles worldwide financial transactions said it was severing ties with many Iranian banks to back European Union sanctions against Tehran.

"The action on Thursday by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) aims to enforce EU sanctions discouraging Tehran from developing nuclear weapons."

Exclusive: Iran food stockpiling grows as grain ships near port

"Vessels carrying at least 360,000 metric tonnes (396,832 tons) of grain are lined up to unload in Iran, Reuters shipping data showed on Thursday, a sign that Tehran is succeeding in stockpiling food to blunt the impact of tougher Western sanctions."

What's at Stake with Iranian Sanctions?

"Officials from New Delhi are due back from their recent trade visit to Iran with high hopes of an expanded economic relationship. India, together with Japan and China, buy about half of the oil Iran has for sale on the international market. New Delhi had faced difficulties in paying for the crude oil it buys from Iran because of expanded economic sanctions imposed by Western governments. 

Given the initial criticism offered by the Indian Embassy in the United States, it's unlikely any level of Western criticism is going to do much to diminish India's appetite for Iranian crude."