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Source: The post is based on the article “U.S. imposes sanctions against Indian petrochemical company for ‘clandestine’ Iran oil purchases” published in The Hindu on 1st October 2022.
What is the News?
The US has imposed sanctions on Mumbai-based firm Tibalaji Petrochem Pvt. Ltd for carrying out the oil trade with Iran.
Background
In 2018, the U.S administration decided to walk out of the nuclear deal or Joint Comprehensive Plan of Action (JCPOA) with Iran. It has also imposed several sanctions on Iran.
India has officially refused to endorse the “unilateral sanctions” of the U.S. But India stopped buying oil from Iran in 2019 in the wake of sanctions imposed by the US.
Prior to this, India was the second-largest buyer of Iranian oil after China.
What is the significance of this US sanction on an Indian-based firm?
This is the first time that an India-based entity has been sanctioned by the US for involvement in dealing with Iranian petroleum products.
