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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.

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