Blogman's Notes:
In what may be pure theatrics, India is publically announcing that it will not bow to US pressure to reduce oil imports from Iran. India and Iran have also announced plans to bypass the US dollar in their trade and conduct bilateral trade in their own currencies or in gold. I do not believe India has enough gold to pay Iran in gold for oil, so the trade will most likely be settled in Rupees, which Iran will then use to buy Indian goods. This would be an incredibly good deal for India but I doubt that it will actually be fully implemented. India is trying to restrict outflows of US dollars which suggests that it is in desperate need of dollars, most likely for buying oil from Saudi Arabia. Although India is making a public stance of defying the might USA, in reality, India will bow to US pressure and stealthily reduce Iranian oil imports, which it has already done. So in this game of showmanship, it is hard to separate fact from fiction but India is much too beholden to the US to defy it in reality. The last Indian PM that actually defied the USA was Indira Gandhi who just happened to meet her end in a hail of assassins bullets.
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 Indian Foreign Minister S M Krishna made it clear on Thursday that New Delhi will not bow to U.S. pressure to reduce its oil imports from Iran and called Iran a "key country" for meeting India’s growing energy needs.
Krishna also said India feels no obligation to observe United States’ unilateral sanctions on Iran, insisting that India will not cut its “legitimate” trade with Tehran.
The U.S. and its European allies have imposed sanctions against Iran outside the UN resolutions for its nuclear program which Tehran insists is only meant for peaceful purposes.
"As far as other sanctions, those decided either unilaterally or regionally, we are aware of such measures. In a globalised world, such actions tend to impact on the market and our commercial entities take these into account. Such measures should not impact legitimate trade interests," Krishna told reporters in a join press conference with Iranian Foreign Minister Ali Akbar Salehi in New Delhi.
"As far as the question of sanctions is concerned, let me say that the United Nations Security Council in its wisdom has passed resolutions on the issue and India has always abided by such resolutions of the Security Council as a responsible member of the international community," Krishna stated.
The top Indian diplomat also said, "India has always held that the (Iranian) nuclear issue should be resolved through peaceful diplomacy and the framework of the IAEA provides the best forum to address the technical aspects of the issue."
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