Oil, the US sanctions India for business with Iran

Oil, the US sanctions India for business with Iran

The United States imposed sanctions on an Indian company that resold oil products purchased from Iran to China. All the details

The US Treasury Department's Bureau of Foreign Assets Control imposed economic sanctions on an Indian company, Tibalaji Petrochem, for purchasing Iranian oil products that were subsequently resold to China.

In addition to Tibalaji, Washington has also sanctioned UAE and Hong Kong companies.

THE FIRST AMERICAN COMPANY TO SUBSCRIBE TO SANCTIONS

The Indian newspaper The Hindu wrote that Tibalaji "is the first Indian entity to suffer" the unilateral sanctions imposed by the United States against Iran "in 2018-19, after the Trump administration's decision to exit the nuclear deal, o Joint Comprehensive Plan of Action (JCPOA), with Iran ”.

WHAT INDIA HAS DONE SO FAR

Although India has not formally adhered to the American sanctions, in fact the Narendra Modi administration has decided to eliminate oil imports from Iran in 2019 – they represented about 11 per cent of Indian consumption of crude oil – in order not to run into penalty: American sanctions are applied to all those who use the dollar to carry out their transactions, even if they are not based in the United States.

THE POLITICAL CONTEXT

The sanctions on Tibalaji were announced the day after the return of Indian Foreign Minister S. Jaishankar, visiting the United States, to his homeland. New Delhi – a fundamental piece of Washington's plans to contain China's rise in Asia – is also buying large quantities of crude oil from another country sanctioned by America: Vladimir Putin's Russia .

THE IRAN-INDIA-CHINA TRIANGLE

Tibalaji allegedly purchased multi-million dollar petroleum products, such as methanol and base oil, from Triliance and shipped them to China. Triliance is an Iranian company that acts as an intermediary for the sale of Iranian products to foreign buyers.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/stati-uniti-sanzioni-india-petrolio-iran/ on Mon, 03 Oct 2022 13:42:20 +0000.