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Tehran has long been a preferred destination for Indian oil companies, though faced with ever-tightening U.S. sanctions, New Delhi was now looking for other suppliers.
The country’s gross domestic product is expected to decrease by 4.5 percent in 2019.
“These were efforts by the Iranians to raise the price of crude oil,” he told reporters before departing for Europe, where he met with German Chancellor Angela Merkel in Berlin to discuss Iran and other issues.
Fearful for its economy and domestic stability—and angered by U.S. sanctions and stance—Tehran sends escalation warning signals.
“Iran’s non-oil exports, like industrial metals, are not an insignificant source of revenue for the regime, and [represent] one of several cash flows that should be impeded,” said Behnam Ben Taleblu, a senior fellow at the Foundation for Defense of Democracies.
The Trump administration said sanctions will target Iran’s aluminum, iron, copper and steel sectors.
The projection comes amid U.S. sanctions that were lifted under the 2015 nuclear accord, but reimposed in November under the Trump administration, in addition to new economic penalties against Tehran.
To qualify, they must include research and development cooperation between a U.S. company and an Israeli firm, or between a university and a company in which one party is in the United States and the other is in Israel, said BIRD in a statement.