US lifts nuclear sanctions on Iran
United States (US) has removed a wide range of nuclear sanctions against Iran after it has meet its commitments to roll back its nuclear programme.
These sanctions were lifted after International Atomic Energy Agency (IAEA) confirmed that Iran has met its commitments under the Joint Comprehensive Plan of Action (JCPA) or Vienna agreement with P5+1 countries signed in July 2015.
So called P5+1 countries include the five permanent members of the UN Security Council (UNSC) viz. USA, Russia, China, UK, France and non- permanent member Germany.
Key facts
- US has only removed secondary sanctions on Iran that mainly restricts dealings of other countries with Iran.
- These lifted secondary sanctions include financial services, banking, insurance, energy and petrochemicals, shipping and ports.
- However, primary sanctions imposed by US on Iran still remains in force. These sanctions bar US citizens and companies from doing business with Iran.
Benefits to India
- Lifting of primary sanctions will benefit India with lower oil prices on imports from its traditional supplier Iran and also boost trade opportunities.
- It will also bring proposed India-Pakistan-Iran (IPI) gas pipeline closer to reality.
- Give impetus to development and construction of strategic Chabbar port which is focal point of India’s gateway to energy rice central Asia and eastern Europe through proposed International North South Trade Corridor (INSTC).
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Month: Current Affairs - January, 2016