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बेसिक इंग्लिश का दूसरा सत्र (कक्षा प्रारंभ : 22 अक्तूबर, शाम 3:30 से 5:30)
International Sanctions against Iran Lifted
Jan 23, 2016

Iran reentered the global economy on January, 16 as years of crippling international sanctions ended in exchange for the verified disabling of much of its nuclear infrastructure. The United States and European nations lifted oil and financial sanctions on Iran and released roughly $100 billion of its assets after international inspectors concluded that the country had followed through on promises to dismantle large sections of its nuclear program.

  • For Iran, implementation of the landmark deal it finalized with six world powers last summer means immediate access to more than 100 billion dollar in long-frozen assets and freedom to sell its oil and purchase goods in the international marketplace.

  • The UN's nuclear watchdog, the International Atomic Energy Agency (IAEA), says Iran has fulfilled its side of last year's landmark nuclear deal with six world powers.

  • Iran has carried out all measures required under the (July deal) to enable Implementation Day (of the deal) to occur.  In return, the United States, European Union and United Nations have lifted a raft of nuclear-related sanctions.

  • Western powers imposed sanctions on Iran over fears it was planning to use its atomic programme to develop nuclear weapons, although Iran always maintained its nuclear ambitions were peaceful.

  • It is thought that since 2012 the sanctions have cost Iran some $211 billion in oil revenues alone.

  • Iran has the fourth biggest oil supplies in the world and the free flow of Iranian oil into the world market could mean lower prices at the pumps.

  • Some sanctions not linked to the nuclear deal will, however, remain in place, including European sanctions relating to human rights and US sanctions relating to terrorism.

Likely Impacts of Lifting Sanctions on Indian Companies

  • The economic boost to Iran from the lifting of sanctions could offer opportunities for Indian pharmaceutical, IT and commodity firms. 

  • The two countries signed a deal to develop the Iranian port of Chabahar, on the Gulf of Oman, that would open up a new trade route to Central Asia. 

  • India may lose some engineering exports, but new opportunities could come up for products currently covered under sanctions.

  • The easing of sanctions would mean India can freely buy crude oil from Iran. Sanctions had meant that India could import no more than 9 million tonnes of oil this fiscal, the same volume it had shipped from Iran in 2013-15.

  • India will ask Iran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay 6.5 billion dollar in past oil dues. 

  • Indian firms have so far shied away from investing in Iran for the fear of being sanctioned by the US and Europe. The same was deterring India from claiming rights to invest nearly 7 billion dollar in the biggest gas discovery ever made by an Indian firm abroad.

  • India will also try for a renewed pitching for rights to develop 12.8 Trillion cubic feet of gas reserves ONGC Videsh Ltd had found in 2008.

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