US ban on Iran again,more serious impact on Indian oil market




US President Donald Trump on Monday banned Iran again.

The ban on the second phase will be applicable on November 5. These restrictions are likely to have a serious impact on India’s oil imports. After the nuclear agreement with Iran in 2015, the United States had lifted the ban on it, but Trump broke it, terming the agreement between its predecessor Barack Obama as a defective one. Applying the restrictions, Trump also said that he is ready to make a new nuclear deal with Iran. For this, both countries can start talking.

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The Trump of Atomic Agreement made with Iran by powerful and powerful nations of the world was initially opposed. They broke the agreement in May and declared the ban on Iran again effective from August 7. These restrictions are expected to have a major impact on India. There is a traditionally better business relationship between India and Iran. India imports a considerable quantity of oil from Iran, as well as supporting its oil project. Due to these close relations between the two countries, Iran has given India the opportunity of sharing in Chabahar port.

President Trump said, the trade of Iran’s automotive sector and gold and other precious metals will also be covered under these restrictions. Restrictions will affect Iran’s energy sector, especially the petroleum-related business. Central Bank of Iran’s foreign financial organizations have also been banned. This will further reduce the currency of Iran and the economy of the country will be bad.

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Trump has warned of serious consequences to those who broke these restrictions. They have urged all countries of the world to cooperate to curb the acts of harm to Iran. But on this occasion, President Trump said that if Iran stops its miserable activities, then the US is ready to make a new nuclear agreement and cooperation with it. This will prevent Iran from developing nuclear weapons, creating ballistic missiles and supporting terrorism.


By:-  Abhishek Bajpai

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