India-Iran deal: Chabahar port: “Anyone considering doing business with Iran…”: US warns of sanctions after India-Iran Chabahar port deal | India News

NEW DELHI: Just hours after India signed a major agreement to operate Iran's Chabahar port for a decade, the United States issued a cautionary statement warning that “anyone” who has business deals with Tehran in “It is necessary to be aware of the 'potential risk of sanctions'.”

Addressing the media, U.S. State Department Principal Deputy Spokesperson Vedant Patel noted the reported agreement between Iran and India on Chabahar Port. Patel stressed that while the US respects India's foreign policy objectives and bilateral relations with Iran, it remains steadfast in enforcing sanctions against Iran.

“We are aware of these reports that Iran and India have signed an agreement on Chabahar port. “I would let the Indian government talk about its own foreign policy objectives towards Chabahar port as well as its own bilateral relations with Iran,” Vedant Patel said in the press conference on Monday (local time).

“US sanctions against Iran remain in effect and we will continue to enforce them,” Patel said, stressing the importance of companies considering doing business with Iran to be aware of the risks involved. “Any company, anyone considering doing business with Iran, needs to be aware of the potential risk they are exposing themselves to, the potential risk of sanctions,” Patel said.

The long-term bilateral contract for the operation of Chabahar Port signed between Indian Ports Global Limited (IPGL) and the Iranian Ports and Maritime Organization (PMO) paves the way for the operation of Shahid-Behesti Port under the Chabahar Port Development Project Next Decade. IPGL has made significant investments in the port's equipment and operations and is receiving additional financial support from India.

IPGL will invest around $120 million in equipping the port. India has also offered a credit window equivalent to $250 million for jointly identified projects aimed at improving Chabahar-related infrastructure.

This ten-year long-term lease agreement further strengthens bilateral relations between the two countries while enhancing trust and confidence between trading communities in the region.

The Chabahar Port is an India-Iran flagship project that serves as a major transit port for trade with Afghanistan and landlocked Central Asian countries. India was a key player in the development and operation of Chabahar Port.

The Indian government has invested in the port's infrastructure and has been involved in upgrading its facilities to make it a viable transit route for Indian goods to Afghanistan and Central Asia.

Also read: Why is Chabahar Port in Iran strategically important for India? Find out how the new agreement counters Pakistan and China

(With contributions from agencies)

Sybil Alvarez

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