Skip to main content

U.S. lifts sanctions on Iran and imposes new sanctions over missile test

The U.S.  removed a wide range of sanctions against Iran after the International Atomic Energy Agency (IAEA) confirmed that Iran had met its commitments to roll back its nuclear programme, under an agreement with China, France, Russia, the U.K., the U.S. and Germany on July 14 last year.

U.S again imposed fresh sanctions on Iranian companies and individuals over a recent ballistic missile test.

The new sanctions prevent 11 entities and individuals linked to the missile programme from using the US banking system.

Impact on Iran  after removing older sanctions :

  • The removal of restrictions on its oil, petrochemicals, banking, natural gas and port sectors will hugely benefit Iran and allow it to re-enter the global market.

  • Iran will be able to access the huge amount of cash it has accumulated overseas from restricted oil sales during the sanctions. Most of this money is sitting in China, India, Japan, South Korea and Turkey.

  • Iran could boost its GDP growth to around 5% in 2016-17, from almost zero currently, says the International Monetary Fund

  • Sanctions have added 15% to the cost of trading with Iran and lifting them will save the country some $15bn yearly in cheaper trade.

  • Iran will be able to export as much crude oil to the world as it can, or as much as it can find demand for.

Impacts on India after removing older sanctions :

  • The lifting of the sanctions on Iran will benefit India with lower oil prices and more opportunities for trade, according to experts.

  • It should also bring the proposed India-Iran gas pipeline closer to reality.

  • India will also benefit from the removal of restrictions on payments to Iranian companies that the sanctions had imposed.

  • India can invest in Iran.

  • India reportedly owes Iran $6.5 billion for crude oil purchases, the payment of which has so far been held up due to the sanctions.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

India Tech Vision-2035

India Tech Vision-2035 India's technology thinktank under the ministry of science & technology has come out with `Technology Vision 2035' here at the ongoing Indian Science Congress, identifying the challenges ahead and how they can be dealt with through technological interventions while realising the dream of a developed India by the year 2035. The thinktank -Technology Information, Forecasting and Assessment Council (TIFAC) -in the vision document lists a technology roadmap for India, giving details of 12 sectors and technologies that in some cases exist but need to be deployed, some in the pilot stage that must be scaled up and technologies in R&D stage. It, in fact, talks about many future technologies, ranging from flying cars, real time translation software, personalised medicine, wearable devices, e-sensing (e-nose and e-tongue) to 100% recyclable materials among others which may be used in different areas to solve day-to-day problems “The trajectories del...
Post a Comment
Read more

Points to Remember for World Geography-AFRICA

Sirocco is a type of hot wind blowing from Sahara  to Mediterranean. Swahili is the oldest surviving African language. The country Zaire has the maximum Hydro- electric  Power  potential  in Africa. The country Djibouti is facing the Strait of Bab-el-Mandeb. Dar-es-Salam is the easternmost terminus of Tanjara railways which begins from Katanga  mineral  belt. Ostrich is the flightless bird of Kalahari Desert. Ethiopia is the place of origin of coffee. Pretoria is the administrative capital of S. Africa. Nilots are the aborigines of upper    Nile. River Zaire is the only river that crosses the equator  twice. Nubian  desert  lies  in Egypt. The countries Ethiopia and Somalia form  the  Horn  of Africa. High Veld is the temperate grassland of South  Africa. Africa is the most tropical of all   continents. Most part of Kalahari Desert lies in Botswana. The Farmers of the Egypt ar...
Post a Comment
Read more

SWACHH BHARAT MISSION

SWACHH BHARAT MISSION Prime Minister Narendra Modi launched the Swachh Bharat Mission (SBM) on October 2, 2014, the birth anniversary of Mahatma Gandhi. The ambitious programme aims to make the streets, roads and infrastructure across the country clean by October 02, 2019, the 150 th  birth anniversary of the Father of the Nation. It is India’s biggest ever cleanliness drive. The relevance of the Swachh Bharat Mission Sanitation has emerged as a key issue since the 2011 Census highlighted e glaring data on lack of toilets in the country by stating that over 26 million people in India defecate in the open. Launched with an estimated cost of around Rs 62,009 crore, Swachh Bharat Mission aims to achieve the elimination of open defecation in the country. Among its other objectives are conversion of insanitary toilets to pour flush toilets, putting an end to the inhuman practice of manual scavenging and carrying out Municipal Solid Waste Management (MSWM). Involvem...
Post a Comment
Read more