US to End Sanctions Waivers to India
Reports suggest that the US could terminate the sanctions waivers it granted to some importers of Iranian oil after it re-imposed sanctions on Iran last year.
Ending of Sanction Waiver
- Reports indicate that the US has already communicated to seven countries viz. Japan, South Korea, Turkey, Italy, Greece, China and India- that they will no longer be exempt from US sanctions if they continue to import oil from Iran after their waivers end on May 2.
- The ending of sanction waiver is part of the US strategy to exert maximum pressure and isolate Iran.
- The US has stated it wants to deprive the outlaw regime of the funds that it has used to destabilise the Middle East for decades and incentivise Iran to behave like a normal country.
The news of the ending of sanctions waiver exerted upward pressure on global prices of crude. Further. US has stated that the US along with Saudi Arabia and UAE have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.
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Month: Current Affairs - April, 2019