Alwaght | News & Analysis Website

Editor's Choice

News

Most Viewed

Day Week Month

In Focus

World against US Recognizing Al-Quds as Israeli Capital

World against US Recognizing Al-Quds as Israeli Capital

undefined
Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

undefined
Awamiyah: Saudi Regime Killing Own Civilians

Awamiyah: Saudi Regime Killing Own Civilians

undefined
Qatar Row Deepens Persian Gulf States Rifts

Qatar Row Deepens Persian Gulf States Rifts

undefined
Ansarullah

Ansarullah

A Zaidi Shiite movement operating in Yemen. It seeks to establish a democratic government in Yemen.
Shiite

Shiite

represents the second largest denomination of Islam. Shiites believe Ali (peace be upon him) to be prophet"s successor in the Caliphate.
Resistance

Resistance

Axis of Resistances refers to countries and movements with common political goal, i.e., resisting against Zionist regime, America and other western powers. Iran, Syria, Hezbollah in Lebanon, and Hamas in Palestine are considered as the Axis of Resistance.
Persian Gulf Cooperation Council

Persian Gulf Cooperation Council

A regional political u n i o n consisting of Arab states of the Persian Gulf, except for Iraq.
ISIS Terrorist Group

ISIS Terrorist Group

A terrorist group that fights against Resistance Axis in Syria and Iraq. It was founded & armed by America and its allies covertly.
Taliban

Taliban

Taliban is a Sunni fundamentalist movement in Afghanistan. It was founded by Mohammed Omar in 1994.
  Wahhabism & Extremism

Wahhabism & Extremism

Wahhabism is an extremist pseudo-Sunni movement, which labels non-Wahhabi Muslims as apostates thus paving the way for their bloodshed.
Kurds

Kurds

Kurds are an ethnic group in the Middle East, mostly inhabiting a region, which spans adjacent parts of Iran, Iraq, Syria, and Turkey. They are an Iranian people and speak the Kurdish languages, which form a subgroup of the Northwestern Iranian branch of Iranian languages.
NATO

NATO

The North Atlantic Treaty Organization is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.
Islamic Awakening

Islamic Awakening

Refers to a revival of the Islam throughout the world, that began in 1979 by Iranian Revolution that established an Islamic republic.
Al-Qaeda

Al-Qaeda

A militant Sunni organization founded by Osama bin Laden at some point between 1988 and 1989
New node

New node

Map of  Latest Battlefield Developments in Syria and Iraq on
alwaght.com
Report

Iran Turns to Traditional Partners amid EU Failure to Circumvent US Sanctions

Friday 25 January 2019
Iran Turns to Traditional Partners amid EU Failure to Circumvent US Sanctions

Related Content

India Starts Commercial Activity at Iran’s Chabahar Port

India Buys 75% Less US Oil, Loads up on Iran Crude

Foreign Minister Mohammad Javad Zarif says Iran is working with its traditional partners such as China, Russia and India to circumvent the US sanctions.

Zarif told reporters in New Delhi Tuesday that the European Union is moving more slowly than expected to facilitate non-dollar trade with Tehran through a mechanism called the special purpose vehicle (SPV).

"We continue to work with the Europeans for the special purpose vehicle but we will not wait for them [to act]," said Zarif who arrived in the Indian capital late Monday for a three-day visit.

"We are working with our traditional partners like India, China and Russia so that we continue to serve the interests of our people," he added.

EU foreign policy chief Federica Mogherini said last Wednesday that efforts to implement the special purpose vehicle for trade with Iran would continue well into 2019.

So far, the Europeans have defaulted on two deadlines which they had announced for bringing the SPV into operation. The vehicle purportedly aims to ensure economic benefits for Iran from staying in a 2015 nuclear deal after President Donald Trump recanted it in May.

On Saturday, Foreign Ministry spokesman Bahram Qassemi said Iran “holds Europe definitely responsible for failing to implement the financial mechanism," warning that the bloc should account for the "consequences" of the delay.

Qassemi said the European Union, not least the three European parties to the deal with Iran – Germany, France and Britain – “are captive and hostage to the American economy.”

As such, Tehran has not been sitting on its hands. On Sunday, Deputy Minister of Petroleum Amir Hossein Zamaninia said the country had found new customers for its oil.

“Despite US pressures on the Iranian oil market, the number of potential buyers of Iranian oil has significantly increased due to a competitive market, greed and the pursuit of more profit,” he told the Ministry of Petroleum’s Shana news agency.

Iran’s major oil clients continue to take shipments under a 180-day grace period given by the Trump administration to reduce liftings and find new suppliers.

As Iran’s second oil buyer, India is one of the countries given waivers by the US to continue Iranian oil imports.

Indian refiners to resume Iran oil imports 

On Monday, Indian industry sources said state-run Bharat Petroleum Corp and Hindustan Petroleum Corp will each import 1 million barrels of Iranian oil in February after a gap of three months, taking the nation’s overall purchases from Tehran to 9 million barrels.

Top refiner Indian Oil Corp will lift 5 million barrels, while Mangalore Petrochemicals Ltd will buy 2 million barrels, Reuters quoted the sources as saying.

Earlier this month, New Delhi exempted rupee payments by Indian Oil Corp to Iran for crude oil imports from steep taxes.

“Iran has been and will be a reliable source of oil supply to India,” Zarif said on Monday as he arrived in New Delhi to take part in an annual research forum attended by economists and entrepreneurs.

Zarif said he had used the opportunity to bring along “a big economic delegation” comprising of representatives from the private and state sectors for talks with their Indian counterparts.

Iran and India, the minister said, have maintained their good relations in the wake of the resumed US sanctions.

He cited “a good banking agreement with India which was signed following the sanctions, through which imports and exports as well as other financial needs will be handled.”

Bank Pasargad to open branch in Mumbai

India’s Union Minister Nitin Gadkari said after a meeting with Zarif Tuesday that Iran's Bank Pasargad will open a branch in Mumbai within the next three months to process mutual transactions.

The Iranian oil money is currently being kept in India’s government-owned UCO Bank in the Indian currency, which has led to a debt buildup because of the US sanctions.

The income deposited with an Indian bank is subject to a withholding tax of 40 percent plus other levies, further complicating oil purchases from Iran by India’s refiners.  

Early this month, the Indian government intervened and exempted rupee payments to Iran from the steep tax.   

Zarif said there were numerous areas of cooperation for boosting ties, one of them being Iran’s strategic port of Chabahar. “Indians are keen on being present in Chabahar as well as in Iran’s transit infrastructure,” he said.

Gadkari said India was hoping to fully operationalize Chabahar, with the Bank Pasargad branch in Mumbai intended to handle the related transactions.

The minister termed his meeting with Zarif on Chabahar as "very fruitful," saying a lot of issues had been resolved during the detailed discussions.

"Chabahar Port is very important for us. We are working very hard on it... Some problems were there, but the Iranian government and their minister... are also in the process to resolve all the issues as early as possible. I am confident that we will be in a position to start full function of Chabahar Port at the earliest," he said.

Barter trade via Chabahar

Chabahar on the coast of the Gulf of Oman is Iran's southernmost city. The port is easily accessible from India's west coast and New Delhi hopes to utilize its transit potentials to embolden the country's connectivity footprints.

Gadkari said India had placed $85 million machinery order for Chabahar and the first ship from Brazil had already been received at the port.

India took over the operations of the first phase of Shahid Beheshti Port in Chabahar in December 2018. Commercial operations began the same month with the arrival of a Cyprus-registered bulk carrier with 72,458 tonnes of corn cargo.

Gadkari said the financial arrangement for Chabahar was also ready and proposals on a mutual barter system could also be considered.

India, he said, can provide steel rails and locomotive engines to Iran, and receive urea in return.

Zarif also noted that he was negotiating higher urea sales at "reasonable" rates with Indian officials.

"We are very happy that both UCO Bank of India and Pasargad Bank of Iran are getting started with the business," the Iranian minister said, adding the two banks will facilitate transactions relating to operation of berths at Chabahar Port.

Source: Press TV

 

Tags :

Iran Sanctions India EU

Comments
Name :
Email :
* Text :
Send

Gallery

Photo

Film

Palestinians Protest in Bethlehem against Deal of Century,Bahrain Conference

Palestinians Protest in Bethlehem against Deal of Century,Bahrain Conference