US exempts India from Iran sanctions

Secretary of State, Hillary Rodham Clinton Monday notified that Indiaalong with six other nations will get exemption from Iran sanctions. Six nations besides India to be exempted  are Malaysia, Republic of Korea,South Africa, Sri Lanka, and Turkey in return for significant reduction of crude oil purchase from Iran.

Clinton said in a statement, “I will report to the Congress that sanctions pursuant to Section 1245(d)(1) of the National Defense Authorization Act for Fiscal Year 2012 will not apply to their financial institutions for a potentially renewable period of 180 days.”

She acknowledged the sanctions were imposed to prevent Iran from acquiring a nuclear weapon and to encourage Iran to comply with its international obligations. She added, “By reducing Iran’s oil sales, we are sending a decisive message to Iran’s leaders: until they take concrete actions to satisfy the concerns of the international community, they will continue to face increasing isolation and pressure.”

Clinton held that the United States remains committed to a dual-track policy that offers Iran the chance to engage seriously with the international community to resolve concerns over its (Iran’s) nuclear program through negotiations with the P5+1. Hillary commended Iran for its ability to address these concerns and urged its leaders to take concrete steps during the next round of talks in Moscow.

Under a law approved last year, the US starting on June 28 will penalize foreign financial institutions over transactions withIran's central ban.

In March, the US granted exceptions to Japan and 10 EU countries for significantly cutting purchases.

Acknowledging the US notification exempting Indian financial institutions from the application of the provisions of U.S. domestic law, Ministry of External affairs Spokesperson, Syed Akbaruddin said, "India and the United States have a growing strategic partnership. The India-US Strategic Dialogue on June 13 will once again demonstrate the strength of our relationship and the extraordinary breadth of our bilateral cooperation, based on our shared values and convergent interests."

External Affairs Minister S.M. Krishna will have a restricted meeting with Secretary Clinton on June 13 before they chair the Plenary Session, which will have discussions on five themes:

• Strategic, Defence, Homeland Security, Counter-terrorism and Intelligence
• Economic, Energy, Climate
• S&T, Innovation and Health
• Higher Education and Empowerment
• Regional Strategies and linkages.