Published: Wed, November 07, 2018
Economy | By

Egypt's Sisi says new sanctions on Iran are 'destabilising'

Egypt's Sisi says new sanctions on Iran are 'destabilising'

President Donald Trump's "South Asia strategy underscores our ongoing support of Afghanistan's economic growth and development as well as our close partnership with India", a State Department spokesperson said.

Futures in NY gained 0.6 per cent. Ministers from the Organization of Petroleum Exporting Countries gathering in Abu Dhabi this weekend will discuss options for 2019 including the scenario of supply curbs, delegates said.

In October-November 2017, India successfully despatched an inaugural consignment of around 15,000 tons of wheat from the Indian port of Kandla in Gujarat to Afghanistan via Chabahar, in line with its commitment to provide 1.1 million tons of wheat to Afghanistan on a grant basis.

Crude's poised for the longest losing streak since 2014 as concerns of a supply crunch eased on a forecast for rising US production and waivers for eight countries allowing temporary import of Iranian oil. "These activities are vital for the ongoing support of Afghanistan's growth and humanitarian relief", said the US State Department Spokesperson.

Earlier, South Korean Ambassador to Tehran Ryu Jeong-hyun said that despite many European companies leaving Iran under the pressure of US sanctions, South Korean firms understand the significance of the Iranian market and have chosen to stay.

Iran late a year ago inaugurated the port on the Indian Ocean, which is being built largely by India and is expected to provide a key supply route for Afghanistan while allowing India to bypass rival Pakistan to trade with Central Asia and Africa.


In May 2016, India, Iran and Afghanistan inked a pact which entailed establishment of Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran, besides multi-modal transport of goods and passengers across the three nations.

And the United States, the official said, seeks to "build on our close relationships with both countries as we execute a policy of maximum pressure to change the Iranian regime's destabilising policies in the region and beyond".

Trump's decision has been opposed by European powers as well as other nations including India, which has largely warm relations with Iran.

"This exception relates to reconstruction assistance and economic development for Afghanistan".

Chabahar and INSTC are important strategic projects for India and Afghanistan.

In the USA, industry data were said to show that nationwide crude inventories rose last week, expanding by 7.83 million barrels.

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