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Keeping Iranian oil on global markets in India's interest: Ex-foreign secy

Press Trust of India  |  New Delhi 

needs to engage with "very strongly" in managing the American withdrawal from the nuclear deal, former said today and asserted that keeping Iranian on the global market was in India's interest.

Speaking at the launch of a report by the Observer Research Foundation, said that the US withdrawal was also part of Donald Trump's attempts to shake up the world order in pursuit of of American interests.

"is the one partner with whom we need to engage very strongly in managing of the American withdrawal" from the (JCPOA), he said.

"I agree that the reactions of Russia, and will be very central to how we will be able to proceed in this matter," said.

Asserting that prices make a massive difference to India, he said keeping Iranian on global markets was fundamentally in India's national interest.

The report titled 'Beyond JCPOA: Examining the consequences of US withdrawal' also makes policy recommendations on the issue.

Among the recommendations, it suggests that should seek waivers from US secondary sanctions when it comes to the purchase of crude petroleum, as well as development of its in

The strongest case for a waiver for is that, over the last couple of years, it has indeed reduced its from However, it should be prepared to approach the issue as quid pro quo with the US, the report says.

should aggressively promote the cause of the in Washington, and link the success of the port projects with that of Trump's policies, it says.

India's approach to mitigating the negative externalities of the US withdrawal from JCPOA should be phased, starting with negotiations with the US and, if this is to not bear fruit, it must look at other options along with Russia, China, and the European Union, the report suggests.

The brought back sanctions against Iran after pulling out the US from the Iran nuclear deal in May. The US has told India and other countries to cut from the Gulf nation to "zero" by November 4 or face sanctions.

India is yet to take a call on complying with the US sanctions on Iran.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 23:40 IST