What is the issue ?
- US has exited the deal after accusing Iran of exporting missiles and fuelling state-sponsored conflicts across West Asia.
- US has expressed that if the deal continued to stand, there would soon be a nuclear arms race in West Asia.
What does this mean ?
- US will be imposing sanctions affecting Iran in numerous sectors severely affecting trade and commerce.
- Unless the European Union and other members act in the best interests of Iran and stability in West Asia by sticking to the deal, the fallout of the deal could have serious repurcussions.
About the Iran nuclear deal :
- Officially known as the Joint Comprehensive Plan of Action (JCPOA), and informally the ‘Iran nuclear deal’.
- It was signed between Iran and the P5 (the five permanent members of the United Nations Security Council — US, China, France, Russia, and the UK), plus Germany and the European Union, in Vienna on July 14, 2015.
- The deal, aimed at preventing Iran from building a nuclear weapon, involved lifting of international sanctions in return for Tehran curbing its nuclear programme.
Particulars of the deal :
- Under the agreement, Iran accepted to eliminate its stockpile of medium enriched uranium, cut its stockpile of low enriched uranium by 98% and reduce by 75% the number of its gas centrifuges for a period of 13 years.
- For the next 15 years, Iran would only enrich uranium upto 3.67%.
- No construction of any new heavy nuclear water reactors during the same period.
- The International Atomic Energy Agency (IAEA) would have regular access to all Iranian nuclear facilities.
- In return for abiding by its commitments, Iran was supposed to receive relief from the U.S, European Union and United Nations Security Council nuclear related economic sanctions.
So has Iran honoured its commitments under the deal ?
- All the other nations involved in the deal including the United Nation's nuclear watchdog , The International Atomic Energy Agency (IAEA) have stated that Iran has honoured its commitments under the deal.
Where does India stand on the matter ?
- India has always maintained that the Iranian nuclear issue should be resolved peacefully through dialogue and diplomacy by respecting Iran’s right to peaceful uses of nuclear energy as also the international community’s strong interest in the exclusively peaceful nature of Iran’s nuclear programme.
- All parties should engage constructively to address and resolve issues that have arisen with respect to the JCPOA
How will this affect India-Iran relations ?
Even though the United States reinstated financial sanctions on Iran, India is not expecting any major shift in trade with the Persian gulf nation.
Iran is India’s third-largest oil supplier after Iraq and Saudi Arabia. The bilateral trade between the nations has increased to $12.9 billion in 2016-17 from $9 billion in the previous fiscal.
The US decision to reinstate sanctions on Iran will not impact India’s oil imports from there as long as European countries do not follow suit.