Why India doesn’t support Western sanctions on Russia

Author: Priya Chacko, University of Adelaide

Commentators have expressed surprise at India’s failure to criticise Russia for its incursion into Crimea. Not only did India abstain from voting on the UN General Assembly Resolution condemning Crimea’s annexation but it has also opposed the imposition of Western sanctions. Together with its fellow members in the BRICS (Brazil, Russia, India, China, South Africa) forum, India has rejected Australian foreign minister Julie Bishop’s suggestion that Russia be excluded from the G20 summit.

Iran tankers fleet growing

Sanction efficiency # energy pragmastism

China delivers first of new Iranian oil tankers

A Chinese shipyard has delivered the first of 12 supertankers to Iran, giving Tehran extra capacity to transport its oil to Asia as it struggles against Western sanctions, but it is unclear if the ship has the permits necessary to call at global ports.

U.S. Firms Up Iranian Business Despite Sanctions

Firms within the U.S. have increased their business with Iran despite the imposition of oil sanctions. Dow Jones’s Benoit Faucon reports reports on why European firms are losing out to the U.S.

Prime Minister Manmohan Singh to visit Iran on August 29

Prime Minister Manmohan Singh will travel to Iran on August 29 to attend the Non-Aligned Movement (NAM) Summit on the sidelines of which he is expected to meet Pakistan President Asif Ali Zardari besides some other foreign leaders.

Reports regarding India allegedly banning U.S.-sanctioned Iranian ships from entering Indian waters

Government has seen media reports regarding India allegedly banning U.S.-sanctioned Iranian ships from entering Indian waters. These reports are incorrect. With the EU sanctions, which came into effect on July 1, 2012, some complications arose due to the non-availability of P&I club insurance to ships carrying Iranian crude oil. Consequently, a general exemption was granted by Government to foreign ships carrying Iranian crude oil on CIF basis to dock at Indian ports under certain conditions. Subsequently, the national insurance companies have agreed to extend insurance cover to Indian ships for transportation of Iranian crude to India. In view of this, the general exemption granted earlier to oil PSUs for carrying Iranian crude on CIF basis has been withdrawn. We understand that there are some issues yet to be resolved between the national insurance companies and the ship owners regarding the terms of the insurance cover to be provided to Indian ships for carrying Iranian crude oil to India. While the matter is being resolved, permission for ships carrying Iranian crude oil to India on CIF basis is being granted on a case by case basis on the request of oil PSUs. 

Europe: energy bill vs « oil sanctions »

While Iran has announced it will stop its oil sales to Greece, as counter-sanctions, Europe will have to face a sharp increase of its “energy bill” with estimated 500 billion Euros.

“Alors que l’Iran vient d’annoncer vouloir stopper ses exportations de pétrole vers la Grèce, réagissant ainsi à sa manière à l’embargo pétrolier décrété par l’Union européenne en vue de freiner le programme nucléaire iranien, l’Agence internationale de l’énergie estime pour sa part que la facture énergétique de l’ensemble des différents pays membres de l’UE pourrait s’élever à la modique somme de 500 milliards de dollars en 2012.”