America’s first major action
The US’s preventive action is the first of its kind against an Indian company, and comes soon after the end of External Affairs Minister S Jaishankar’s visit to the US. That is, there are very clear indications that the Indian Foreign Minister has not liked the mirror shown to America. The Indian Foreign Minister had complained to the Biden administration during his visit to the US about not allowing oil imports from Iran and Venezuela, and Jaishankar had clearly said that the high oil price is ‘breaking India’s back’. Let us tell you that the Donald Trump administration had announced strict sanctions against Iran in the year 2019 and since then India was forced to stop buying oil from Iran. Before the US sanctions, India was the second largest buyer of Iranian oil after China.
Government of India is paying attention
Official sources told ThePrint that the Indian government is cautious about the restrictions imposed on Tibalaji Petrochem Pvt Ltd company and the government is looking into the matter. Let us tell you that Tibalaji Petrochem Private Limited is a commercial entity. According to the report, secondary restrictions have been imposed on this company. This company was established in 2018. According to the report, this company has purchased oil and petrochemical products worth millions of US dollars from Iranian Trillions Petrochemical Company Limited. At the same time, the US Treasury Department has said after the sanctions imposed on the Indian company that, “India-based petrochemical company Tibalaji Petrochem Private Limited bought oil worth millions of dollars from Iranian Trillions Petrochemical and sent it to China.” Apart from the Indian company, the US has also imposed sanctions on seven more companies, which are from the United Arab Emirates, Hong Kong and China.
Our action will be faster – America
At the same time, US Secretary of State Antony Blinken has said that, ‘Iran is rapidly advancing its nuclear program and it is violating the JCPOA, so we will further accelerate sanctions on Iranian oil trade.’ At the same time, there has been no official statement from the Indian government regarding the US sanctions, but experts say that the US sanctions are worrying and the timing of the sanctions is also not right, because the Indian Foreign Minister is just finishing his tour. Just returned from America. He had met with several senior US officials, including US Secretary of State Antony Blinken and US Defense Secretary Lloyd Austin. s. Jaishankar also met US NSA Jack Sullivan and Commerce Minister GM Raymondo.
India’s focus again on Iran
India has once again started paying attention to Iran in recent times and India has repeatedly asked the US to lift sanctions on Iranian oil, referring to oil prices in the domestic market. At the same time, the Government of India has also paid a lot of attention to INSTC ie, International North South Corridor, which connects Russia with Chabahar Port of Iran, which has been constructed by India. At the same time, PM Modi had a bilateral meeting with Iranian President Ibrahim Raisi in Samarkand, Uzbekistan this month, in which Iran has once again urged India to buy oil. At the same time, it is reported that Iran has proposed to sell oil to India at a discount of 30 percent and India and Iran have given 90 days to decide on this offer. At the same time, PM Modi and the Iranian President had also emphasized on the connectivity link, which aims to make trade easier and easier.
Impact on Tibalaji Petrochem Pvt Ltd
According to ROC filings, the turnover of Tibalaji Petrochem Pvt Ltd as of March 2021 was Rs 597.26 crore. When the company was established in the year 2018, at that time the name of the company was Tiba Petrochemical, but in March 2020 the company changed its name to Tibalaji Petrochem Pvt. Ltd. has done. At the same time, the company had announced in January this year, that it would also do business in the agriculture sector. Let us tell you that the Biden administration wants to renegotiate the Iran nuclear deal. So Blinken, Biden’s foreign minister, said that enforcement would continue on a regular basis “with the aim of severely restricting Iran’s oil and petrochemical exports”. “If anyone wants to avoid US sanctions, they must immediately cease business with anyone involved in facilitating these illegal sales and transactions,” he said.