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Exporters apprehensive of taking orders from Iran due to US sanctions: FIEO

Exporters apprehensive of taking orders from Iran due to US sanctions: FIEO
August 31
16:37 2018

NEW DELHI: Exporters are apprehensive about taking orders from Iran due to reimposition of US sanctions on that country and it could impact India’s overseas shipments to the Persian Gulf nation, FIEO today said. Federation of Indian Export Organizations (FIEO) President Ganesh Kumar Gupta said big shipping companies too are not taking consignments to Iran.

“There are huge exports potential in Iran but we are facing payment problems due to the US sanctions. Exporters are very apprehensive of taking orders. Future exports to Iran are looking uncertain,” Gupta said. Earlier this month, the US reimposed several unilateral sanctions against Iran. The sanctions have targeted Iran’s access to US banknotes and key industries, including cars and carpets.

Gupta however said India’s approval to Iranian Bank of Pasargad to open branch in Mumbai would help promote trade between the two countries. Iran is one of the major trading partners of India as New Delhi imports huge quantity crude oil from the Persian Gulf country. Iran was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear program relegated it to the 7th spot in the subsequent years.

In 2013-14 and 2014-15, India bought 11 million tonne and 10.95 million tonne crude oil, respectively, from Iran. The Trump administration is piling pressure on India, China, and other buyers to end all imports of Iranian oil by November 4 as it looks to choke Iran’s economic lifeline with sanctions over its nuclear program. India imported USD 10.5 billion worth of goods, mainly crude oil, from Iran and exported commodities worth USD 2.4 billion in 2016-17. PTI

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