Iran will no longer abide by nuclear deal limits

News:Iran has completely withdrawn from JCPOA (Joint Comprehensive Plan of Action) nuclear deal.This announcement came after the US troops had killed General Qassem Soleimani.

Facts:

About Iran Nuclear Deal:

• The Iran nuclear deal also called as Joint Comprehensive Plan of Action (JCPOA) was signed between Iran and the P5 plus Germany and the EU in 2015.
• P5 is the five permanent members of the UNSC (US, China, France, Russia, and UK).
• The deal restricts Iran’s nuclear programme,in return for lifting most economic sanctions against it.
• Under the deal (a)most of Iran’s enriched uranium was shipped out of the country (b)a heavy water facility was rendered inoperable and (c)operational nuclear facilities were brought under international inspection.

What has Iran decided now?

• Iran has been gradually rolling back its commitments under the Iran Nuclear agreement after United States had unilaterally withdrew from the accord in 2018 and renewed sanctions on Iran.
• However,Iran has now announced to completely withdraw from the Iran Nuclear deal after U.S. targeted strike killed the country’s Quds Force Commander Qassem Soleimani.
• This means that Iran will no longer observe any limits on the number of centrifuges it can install to enrich uranium or the level to which it enriches it.

Implications for India:

• Oil Prices:India is the world’s third-biggest oil consumer.It meets more than 80% of its crude oil requirements and around 40% of its natural gas needs through imports.Hence,turmoil in the Gulf region could have an impact on the Oil Prices.
• Diaspora:There are around 8 million Indians living and working in West Asia.The conflict would put them all in danger as it did at the start of the 1990s when the US went to war with Iraq.
• Trade:The tensions between Iran and the US could impact India’s trade with the region that stands at $ 78 billion with the Gulf Cooperation Council member countries namely Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain and Oman.
• Chabahar Port:The tensions between US-Iran could also impact the Chabahar port.