Exempt Iran JV from sanctions: India to tell UN
In a significant political signal to Iran, the government has decided to make a case at the United Nations on exempting Iran-o-Hind, a 35-year-old Indo-Iran shipping joint venture, from the latest UN sanctions list. This is the only entity with Indian links that has been placed under sanctions.
After months of internal deliberations and also discussions with Iran, sources said, it was felt that India ought to make a serious attempt at the UN even though chances may seem slim.
Given the fresh impetus New Delhi is trying to provide to this old bilateral relationship, the dominant view here was that Iran-o-Hind serves as an important symbol and India should show some seriousness in prompting a rethink at the UN. Iran-o-Hind, which has a fleet of some eight tankers, never really made large profits but the Shipping Ministry has conveyed to higher authorities that it had just begun to show a turnaround a couple of years ago. Sources said Iran is also keen on facilitating fresh equity infusion to improve the companys prospects.
Formed in 1975, Iran-o-Hind is a joint venture between the Islamic Republic of Iran Shipping Lines (IRISL), which holds 51 per cent stake, and Shipping Corporation of India with a 49 per cent stake. The entity has been placed under sanctions in Annex III of UNSCR 1929, as a subsidiary of IRISL.
The Resolution adds IRISL to the list of entities and specifically designates Iran-o-Hind as among the subsidiaries. This means that measures laid out in the original 2006 UN sanctions resolution 1747 on Iran will now be applicable on Iran-o-Hind. This would essentially require India to freeze all funding to this entity and its assets except those funds necessary to pay salaries and other such expenses.
The likely argument New Delhi will make is that just being a small shipping subsidiary of IRISL does not itself become reason enough for being sanctioned. The lack of specific evidence against Iran-o-Hind is a plausible way to start the argument, added sources.
By accommodating Iran, India is also signalling it is willing to stand with Iran on specific issues while maintaining its position that Tehran must abide by international norms. South Block has been working at finding innovative ways to carry on bilateral economic activities without violating sanctions.
With the ****** situation getting uncertain in the wake of US moves to reduce presence, New Delhi is keen to foster its ties with Tehran as this relationship provided a platform to forces opposing the Taliban in the 1990s.
There is also the question of energy resources. Tankers from Iran-o-Hind were used for this. Sources said, India will have to look at alternatives to transport crude, engaging services of entities unaffected by sanctions. India imports 12 per cent of its crude from Iran.
In a significant political signal to Iran, the government has decided to make a case at the United Nations on exempting Iran-o-Hind, a 35-year-old Indo-Iran shipping joint venture, from the latest UN sanctions list. This is the only entity with Indian links that has been placed under sanctions.
After months of internal deliberations and also discussions with Iran, sources said, it was felt that India ought to make a serious attempt at the UN even though chances may seem slim.
Given the fresh impetus New Delhi is trying to provide to this old bilateral relationship, the dominant view here was that Iran-o-Hind serves as an important symbol and India should show some seriousness in prompting a rethink at the UN. Iran-o-Hind, which has a fleet of some eight tankers, never really made large profits but the Shipping Ministry has conveyed to higher authorities that it had just begun to show a turnaround a couple of years ago. Sources said Iran is also keen on facilitating fresh equity infusion to improve the companys prospects.
Formed in 1975, Iran-o-Hind is a joint venture between the Islamic Republic of Iran Shipping Lines (IRISL), which holds 51 per cent stake, and Shipping Corporation of India with a 49 per cent stake. The entity has been placed under sanctions in Annex III of UNSCR 1929, as a subsidiary of IRISL.
The Resolution adds IRISL to the list of entities and specifically designates Iran-o-Hind as among the subsidiaries. This means that measures laid out in the original 2006 UN sanctions resolution 1747 on Iran will now be applicable on Iran-o-Hind. This would essentially require India to freeze all funding to this entity and its assets except those funds necessary to pay salaries and other such expenses.
The likely argument New Delhi will make is that just being a small shipping subsidiary of IRISL does not itself become reason enough for being sanctioned. The lack of specific evidence against Iran-o-Hind is a plausible way to start the argument, added sources.
By accommodating Iran, India is also signalling it is willing to stand with Iran on specific issues while maintaining its position that Tehran must abide by international norms. South Block has been working at finding innovative ways to carry on bilateral economic activities without violating sanctions.
With the ****** situation getting uncertain in the wake of US moves to reduce presence, New Delhi is keen to foster its ties with Tehran as this relationship provided a platform to forces opposing the Taliban in the 1990s.
There is also the question of energy resources. Tankers from Iran-o-Hind were used for this. Sources said, India will have to look at alternatives to transport crude, engaging services of entities unaffected by sanctions. India imports 12 per cent of its crude from Iran.
