Economy

USA exempts three Iranian nuclear sites from sanctions

USA exempts three Iranian nuclear sites from sanctions”

While Iranian oil exports are expected to fall because of US sanctions that took effect on Monday, reports from OPEC and other forecasters have indicated that the global market could see a 2019 supply surplus as demand slows. Each of those countries has already demonstrated significant reductions of the purchase of Iranian crude over the past six months, and indeed two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions regime remains in place.

The U.S. State Department says it is exempting Iran's big port project in Chabahar from sanctions in recognition of its importance to landlocked Afghanistan. "We continue negotiations to get all of the nations to zero", said the Secretary of State.

The decision by the Trump administration, which a day earlier imposed the toughest ever sanctions on Iran and is very restrictive in giving exemptions, is a seen as a recognition by Washington of India's major role in the development of the port on the Gulf of Oman, which is of huge strategic importance for the reconstruction of war-torn Afghanistan.

The sanctions exception granted to the Chabahar project aims to further USA ties with Afghanistan and India "as we execute a policy of maximum pressure to change the Iranian regime's destabilizing policies in the region and beyond", the State Department spokesman said.

On Monday, the USA imposed "the toughest ever" sanctions on Tehran aimed at altering the Iranian regime's "behaviour". "These activities are vital for the ongoing support of Afghanistan's growth and humanitarian relief".

And the USA, the official said, seeks to "build on our close relationships with both countries as we execute a policy of maximum pressure to change the Iranian regime's destabilising policies in the region and beyond".

Zahedan is also in Iran but closer to the Afghanistan border.

The U.S. sanctions had threatened India's ability to obtain financing for the development of Chabahar, which could potentially end Afghanistan's dependence on Pakistan's port of Karachi.

Since South Korea's currency has low convertibility, . the official said, the negotiating team assured the US that this method of transaction will not allow USA dollars or other foreign currencies to flow into Iran.

"This exception relates to reconstruction assistance and economic development for Afghanistan".

New Delhi has poured $2 billion into development in Afghanistan since the 2001 US -led overthrow of the Taliban government.



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