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India, Seven Others to Get US Waivers on Iran Oil Import

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PM Modi and Donald Trump

In fast moving developments before US imposes tougher sanctions against Iran on November 5, India has become one of the eight countries to get a waiver by the Donald Trump administration. Secretary of state Michael Pompeo has announced on Friday that eight governments that have taken “important moves” towards reducing Iranian oil imports to zero are going to receive temporary waivers.

According to Financial Times, India has agreed to cut imports and escrow payments from Iran. India told the US that it was willing to restrict monthly oil purchase from Iran from 22.6 million tonnes (452,000 barrels per day) to 1.25 million tonnes or 15 million tonnes in a year.

India, which imports crude oil to meet 80% of its energy demand, is heavily dependent on Iran. In FY18, Iran was the third largest supplier of crude oil to India, followed by Saudi Arabi and Iraq. While the country is getting a waiver, the government was also mulling trading in rupee with Iran had the sanctions continued.

Read More: US Agrees For Waiver to India Continue Importing Iran Oil

Meanwhile, Indian oil companies have placed additional crude oil order of four million barrels from Saudi Arabia to reduce impact of fall in Iranian oil supplies. Before the US sanctions come into force, Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL), placed order to purchase 1.25 million tonnes of oil from Iran in November.

The United States has said that it will temporarily allow eight importers to keep buying Iranian oil  beyond November 5.

On Twitter, in a message designed to emphasize his “maximum pressure” policy toward Iran, Trump included a photograph of himself modeled on a entertainment industry poster with the headline: “Sanctions are coming November 5.”

China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been top importers of Iran’s oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer.

Read More: India Increases Iranian Oil Imports In June By 48 Percent

Mike Pompeo did not name the eight countries, which he referred to as “jurisdictions,” a term that might include importers such as Taiwan which the US does not regard as a country.

After withdrawing from multilateral Iran-Nuclear deal, also known as JCPOA, in May this year, US President Donald Trump is trying to cripple Iran’s oil-dependent economy and force Tehran to quash not only its nuclear ambitions and its ballistic missile program but its support for militant proxies in Syria, Yemen, Lebanon and other parts of the Middle East.

Reacting to US announcement, Iran’s Foreign Ministry spokesman Bahram Qassemi said that the US is seeking to wage an extensive “psychological war” by imposing a fresh round of sanctions. However, he stressed that the Iranhas no concerns over such US bids.

While talking to official broadcaster IRIB on Friday, Qassemi said,”There is no room for any concern. We should wait and see that the US will not be able to carry out any measure against the great and brave Iranian nation.”

The US will impose a second round of sanctions against Iran on Sunday after withdrawing from 2015 multilateral deal. The first round of the bans was re-imposed in August.

Qassemi said that earlier US carried out numerous measures and spent huge sums to exert pressure on international banks, companies, commercial enterprises and institutions dissuading from working with Iran. However, all such efforts failed to bear fruit, he added.

Meanwhile foreign and finance ministers of France, Germany, the United Kingdom, and European Union, in a joint statement, have condemned US fresh sanctions on against Iran, vowing to protect European firms  engaged in business with Tehran.

Their statement described the 2015 agreement as “crucial for the security of Europe, the region and the entire world”, adding that it is Europe’s “aim to protect European economic operators engaged in legitimate business with Iran.”India, Seven Others to Get US Waivers on Iran Oil Import

The statement also vowed to preserve and maintain “effective financial channels with Iran, and the continuation of Iran’s export of oil and gas.”

In a major boost to Iran’s position, Russian Energy Minister Alexander Novak has reportedly said that his country will help Iran counter fresh US sanctions, saying Moscow will continue trading Tehran’s crude in defiance of US diktats.

While talking to London based financial Times, he said, “We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran.”

The US has decided to impose a second round of sanctions against Iran on Sunday, months after it scrapped the 2015 multilateral deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), signed between Iran and the P5+1 group of countries. The first round of the US sanctions, which had been lifted after the deal came into effect on January 2016, was re-imposed in August this year.

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Trump rejects Iran’s 7-day peace plan, says deal can come after US polls

US President Donald Trump rejected Iran’s seven-day proposal to end hostilities and indicated that a deal could come after the US midterm elections in November.

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Donald Trump

US President Donald Trump has rejected Iran’s latest proposal aimed at bringing an end to the ongoing conflict, while indicating that a possible agreement could come after the US midterm elections in November.

Iran had proposed a seven-day framework under which hostilities could be brought to an end, the Strait of Hormuz could be reopened and negotiations over its nuclear programme could resume.

Iran’s seven-day proposal

Iranian Foreign Minister Abbas Araghchi said Tehran had put forward the proposal through intermediaries. Under the plan, the Strait of Hormuz would be reopened by the end of the seventh day if specified conditions were met, while broader nuclear discussions would restart.

The proposal was based largely on an earlier understanding reached between Washington and Tehran, but Iran sought to implement the latest framework much faster. The earlier arrangement had provided a longer period for negotiations.

The Strait of Hormuz is a strategically important waterway for global energy shipments, making its reopening a key element of any effort to ease the wider conflict.

Trump points to US midterm elections

Trump, speaking at the United Nations, showed no indication that he was ready to immediately resume negotiations on the terms proposed by Tehran.

He called for the economic isolation of Iran and said he believed a deal could be reached after the US midterm elections in November. Trump also said Iran was waiting to see how he performed in the midterm elections.

The remarks came as Iranian officials signalled that they remained open to diplomacy and described the UN General Assembly as an opportunity to revive negotiations.

Nuclear talks remain part of Iran proposal

Iran’s latest plan links the easing of hostilities with the resumption of negotiations over its nuclear programme.

The proposal follows the collapse of an earlier US-Iran arrangement. According to reporting on the latest proposal, the new framework is intended to compress the timeline for implementing commitments that had previously been discussed by the two sides.

For now, Trump’s remarks indicate that Washington is not accepting Tehran’s seven-day framework as presented, while Iran continues to put diplomacy and negotiations forward as part of its proposal.

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Iranian President Pezeshkian at UN says Iranians have been victims of US terrorism

Iranian President Masoud Pezeshkian said at the UN General Assembly that Iranians had been victims of US terrorism and insisted that Iran had acted in self-defence.

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Iranian President Masoud Pezeshkian accused the United States of subjecting Iranians to what he described as terrorism while addressing the United Nations General Assembly on Wednesday.

Pezeshkian said Iran had defended itself against attacks and rejected the characterisation of the country as a terrorist actor. His remarks came during a rare wartime appearance at the UN as tensions between Iran and the United States remain high.

Pezeshkian accuses US and Israel of attacks

Speaking at the General Assembly, Pezeshkian said Iranian civilians had been targeted by attacks and described the actions against his country as aggression.

“We have only defended ourselves. We are not terrorists,” he said, according to the report.

Pezeshkian also accused the United States and Israel of attacking Iran, while maintaining that Tehran’s response was an act of self-defence.

The Iranian president displayed photographs of former Supreme Leader Ali Khamenei and more than 150 schoolchildren who, according to his account, were killed during the early days of the conflict.

Iran’s message at the UN

Pezeshkian’s address came against the backdrop of the ongoing conflict between Iran and the United States and heightened tensions in the region.

Iranian officials had indicated ahead of the UN visit that they intended to highlight what Tehran considers attacks against its people and raise concerns over the international response to the conflict.

The Iranian delegation’s visit to New York also comes amid restrictions imposed by the United States on the delegation’s movement and other aspects of its stay, according to reporting ahead of the address.

Pezeshkian says Iran defended itself

Pezeshkian’s central message at the UN was that Iran’s military actions should be viewed as a response to attacks rather than terrorism.

His description of the conflict and the allegations against the United States and Israel represent the Iranian government’s position. They should therefore be attributed to Pezeshkian rather than presented as independently established facts.

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PM Modi’s Canada visit could help wrap trade talks, says Canada PM Mark Carney

Canadian PM Mark Carney said he is looking forward to hosting PM Narendra Modi, with both countries aiming to conclude their ongoing trade negotiations.

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Canadian Prime Minister Mark Carney has said he is looking forward to hosting Prime Minister Narendra Modi, as India and Canada continue efforts to advance their bilateral relationship and conclude ongoing trade negotiations.

The two countries have been working towards a Comprehensive Economic Partnership Agreement (CEPA), with both sides previously setting a target to conclude the negotiations in 2026.

Carney and Modi have held discussions on strengthening economic ties between India and Canada, including trade and investment. Their engagement has gained momentum following Carney’s visit to India earlier this year.

India-Canada trade talks

India and Canada formally resumed efforts towards a broader trade agreement after a period of strained bilateral ties. The two sides have committed to advancing negotiations on a CEPA covering their economic relationship.

In June, Carney and Modi reviewed progress in bilateral economic cooperation during their meeting on the sidelines of the G7 Summit in France. They expressed satisfaction with the progress in CEPA negotiations and reaffirmed their shared objective of concluding the talks in 2026.

During Carney’s visit to India in March, the two leaders had also agreed to accelerate negotiations on the CEPA and work towards finalising the agreement during 2026.

Modi’s proposed Canada visit

Carney had invited PM Modi to visit Canada in 2026, and the two leaders agreed to remain engaged through diplomatic channels to work towards a mutually convenient date for the visit.

The proposed visit comes as New Delhi and Ottawa seek to build on renewed diplomatic and economic engagement, with trade negotiations remaining a key part of the relationship.

The focus on completing the trade talks comes as both countries look to expand commercial ties and establish a broader economic framework through the proposed CEPA.

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