US and Iran relations are witnessing a new low following which the US has lifted the waiver granted to India from imposition of sanctions. Analyse its effect on India.
Answer: US recently decided to end sanctions waiver granted to India and seven other countries which import Iranian oil, which got ended in May 2019. The US also pulled out of the Iran nuclear deal i.e. the Joint Comprehensive Plan of Action (JCPOA) in May 2018. This was done as the US wants to cripple Iranian economy by squeezing its sources of revenue in order to force the country into halting its discreet nuclear development programme and its support for Islamist terror groups.
Impact on India
- Crunch in oil availability: India imports around 10% of its crude oil ....
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