Iranian deal offers no relief to India on oil imports

November 24, 2013

Nuclear_dealWashington, Nov 24: Countries like India would have to continue reducing oil imports from Iran despite a deal with the world powers over its controversial nuclear programme, according to a US fact sheet which also said Tehran would get a relief of USD 7 billion under the agreement.

Under the agreement reached in Geneva, Iran has committed to halt enrichment above five per cent, neutralise its stockpile of near-20 per cent uranium and halt progress on its enrichment capacity, to halt progress on the growth of its 3.5 per cent stockpile and committed to no further advances of its activities at Arak and to halt progress on its plutonium track.

In response, the US and five other major world powers have agreed to provide limited, temporary, targeted, and reversible relief while maintaining the vast bulk of the sanctions, including the oil, finance, and banking sanctions architecture. "If Iran fails to meet its commitments, we will revoke the relief," the US fact sheet said.

"Sanctions affecting crude oil sales will continue to impose pressure on Iran's government. Working with our international partners, we have cut Iran's oil sales from 2.5 million barrels per day (bpd) in early 2012 to 1 million bpd today, denying Iran the ability to sell almost 1.5 million bpd," the fact sheet said.

"That's a loss of more than USD 80 billion since the beginning of 2012 that Iran will never be able to recoup. Under this first step, the EU crude oil ban will remain in effect and Iran will be held to approximately 1 million bpd in sales, resulting in continuing lost sales worth an additional USD 4 billion per month, every month, going forward," it said.

India has slashed import of crude oil from Iran by over 26.5 per cent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.

India imported about 13.3 million tonnes of crude oil from Iran in 2012-13 fiscal, down from 18.1 million tonnes shipped in the previous financial year.

Oil sanctions alone will result in approximately USD 30 billion in lost revenues to Iran – or roughly USD 5 billion per month – compared to what Iran earned in a six month period in 2011, before these sanctions took effect.

Iran used to be India's second-largest supplier, but is now fifth or sixth. The US said the approximately USD 7 billion in relief is a fraction of the costs that Iran will continue to incur during this first phase under the sanctions that will remain in place.

The vast majority of Iran's approximately USD 100 billion in foreign exchange holdings are inaccessible or restricted by sanctions.

In the next six months, Iran's crude oil sales cannot increase.

While Iran will be allowed access to USD 4.2 billion of its oil sales, nearly USD 15 billion of its revenues during this period will go into restricted overseas accounts.

"In summary, we expect the balance of Iran's money in restricted accounts overseas will actually increase, not decrease, under the terms of this deal," the US said.

Further sanctions affecting petroleum product exports to Iran, which result in billions of dollars of lost revenue, will remain in effect.

The vast majority of Iran's approximately USD 100 billion in foreign exchange holdings remain inaccessible or restricted by the sanctions.

The P5+1 countries have committed not impose new nuclear-related sanctions for six months, if Iran abides by its commitments under this deal, to the extent permissible within their political systems; and suspend certain sanctions on gold and precious metals, Iran's auto sector, and Iran's petrochemical exports, potentially providing Iran approximately USD 1.5 billion in revenue.

It also agreed to license safety-related repairs and inspections inside Iran for certain Iranian airlines and allow purchases of Iranian oil to remain at their currently significantly reduced levels – levels that are 60 per cent less than two years ago. USD 4.2 billion from these sales will be allowed to be transferred in installments if, and as, Iran fulfills its commitments.

"The concessions Iran has committed to make as part of this first step will also provide us with increased transparency and intrusive monitoring of its nuclear programme. In the past, the concern has been expressed that Iran will use negotiations to buy time to advance their program," the US said.

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News Network
March 5,2020

Washington, Feb 5: Experts warned a US government panel last night that India's Muslims face risks of expulsion and persecution under the country’s new Citizenship Amendment Act (CAA) which has triggered major protests.

The hearing held inside Congress was called by the US Commission on International Freedom, which has been denounced by the Indian government as biased.

Ashutosh Varshney, a prominent scholar of sectarian violence in India, told the panel that the law championed by prime minister Narendra Modi's government amounted to a move to narrow the democracy's historically inclusive and secular definition of citizenship.

"The threat is serious, and the implications quite horrendous," said Varshney, a professor at Brown University.

"Something deeply injurious to the Muslim minority can happen once their citizenship rights are taken away," he said.

Varshney warned that the law could ultimately lead to expulsion or detention -- but, even if not, contributes to marginalization.

"It creates an enabling atmosphere for violence once you say that a particular community is not fully Indian or its Indianness in grave doubt," he said.

India's parliament in December passed a law that fast-tracks citizenship for persecuted non-Muslim minorities from neighboring countries.

Responding to criticism at the time from the US commission, which advises but does not set policy, India's External Affairs Ministry said the law does not strip anyone's citizenship and "should be welcomed, not criticized, by those who are genuinely committed to religious freedom."

Fears are particularly acute in Assam, where a citizens' register finalized last year left 1.9 million people, many of them Muslims, facing possible statelessness.

Aman Wadud, a human rights lawyer from Assam who traveled to Washington for the hearing, said that many Indians lacked birth certificates or other documentation to prove citizenship and were only seeking "a dignified life."

The hearing did not exclusively focus on India, with commissioners and witnesses voicing grave concern over Myanmar's refusal to grant citizenship to the Rohingya, the mostly Muslim minority that has faced widespread violence.

Gayle Manchin, the vice chair of the commission, also voiced concern over Bahrain's stripping of citizenship from activists of the Shiite majority as well as a new digital ID system in Kenya that she said risks excluding minorities.

More than 40 people were killed last week in New Delhi in sectarian violence sparked by the citizenship law.

India on Tuesday lodged another protest after the UN human rights chief, Michele Bachelet, sought to join a lawsuit in India that challenges the citizenship law's constitutionality.

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Agencies
February 12,2020

London, Feb 12: Fugitive liquor baron Vijay Mallya returned to the courtroom here on Wednesday, the second day of hearing at the UK High Court, where the former billionaire has appealed against the extradition decision of Westminster Magistrates Court in December 2018.

On being asked about his expectations from the lengthy appeals process against the extradition order as today is the last day for Mallya to present his defence, the embattled former Kingfisher Airlines boss replied, "I have no clue. You see. I'll also see it. Let's not get into a speculative game."

When asked on what would happen if Mallya loses the case and has to return to India, the liquor baron responded: "We do have arguments."

The UK High Court, on Tuesday, had also heard Mallya's appeal against the Westminster Magistrates' Court order extraditing him to India to face alleged fraud and money laundering charges amounting to Rs 9,000 crore.

Mallya was present in the court along with his counsel Clare Montgomery during the hearing. Officials from Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) along with counsel Mark Summers representing the Indian government were also present.

When the judge asked if there was a timeline in the case, Clare said," This is a very dense case," involving multiple individuals and organisations and that not everything had been taken into account by the magistrate Emma Arbuthnot in her ruling against Mallya.

Montgomery contended that the magistrate's ruling had been riddled with "multiple errors". She also brought into question the admissibility of documents submitted by the Indian government - including witness statements and emails that proved crucial in the ruling by judge Arbuthnot, who found "clear evidence of misapplication of loan funds" and that there was a prima facie case of fraud against Mallya.

As she had done throughout the trial, Montgomery continued to assert that Mallya had not acted in a fraudulent manner or run a pyramid and that the collapse of Kingfisher Airlines was, in fact, the failure of a business in difficult economic circumstances.

She also reiterated concerns about the conduct of the Central Bureau of Investigation (CBI) in bringing charges against Mallya, claiming that the tycoon had been made a scapegoat.

Montgomery also stated that the Indian government had presented the loan taken out by Kingfisher Airlines, not as a simple business loan but was part of a larger and elaborate attempt at defrauding the banks by Mallya and Kingfisher Airlines management.

This, Montgomery contended, was but one example of a wider misinterpretation of the case by judge Arbuthnot.

The High Court justices reprimanded Montgomery for concentrating on the evidence - in essence rehashing the case presented at the lower court - rather than the apparent "mistakes" made by judge Arbuthnot in her ruling.

Mallya remains on bail of £650,000 as he has done throughout this legal process.

The Crown Prosecution Service which is representing the Government of India will present its case for the extradition of Mallya on Wednesday.

The 63-year-old businessman fled India in March 2016 and has been living in the UK since then.

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Agencies
July 21,2020

Washington, Jul 21: Some half-a-dozen influential Republican lawmakers on Monday introduced a legislation in the Senate to allow Americans to sue China in federal court for its role in causing the coronavirus pandemic.

The Civil Justice for Victims of Covid Act gives federal courts authority to hear claims that China has caused or substantially contributed to the Covid-19 pandemic.

Introduced by senators Martha McSally, Marsha Blackburn, Tom Cotton, Josh Hawley, Mike Rounds and Thom Tillis, the bill strips China of its sovereign immunity for reckless actions that caused the pandemic and creates a cause of action. It also authorises federal courts to freeze Chinese assets.

The legislation is closely modelled after the 2016 Justice Against Sponsors of Terrorism Act (JASTA) that gave more legal remedies to victims of terrorism, particularly the 9/11 victims.

“Americans who have been victimised by the lies and deceit of the Chinese Communist Party-to include those who lost loved ones, suffered business losses, or were personally harmed due to Covid-19-deserve the opportunity to hold China accountable and to demand just compensation,” McSally said.

As the death toll and financial losses of Covid-19 mount, China should be forced to pay the costs of these damages to the American people, he said.

Blackburn said that China's Communist Party must face consequences for concealing and now profiting off the Covid-19 pandemic they enabled.

“The costs are devastating: trillions of dollars in economic damage, millions of American jobs lost, and over a half million deaths worldwide – and counting. Business owners and families who have lost loved ones deserve justice,” he said.

By silencing doctors and journalists who tried to warn the world about the coronavirus, the Chinese Communist Party allowed the virus to spread quickly around the globe, Cotton said, adding their decision to cover up the virus led to thousands of needless deaths and untold economic harm.

Rounds said that China must be held accountable for its failure to contain Covid-19 and alleged that the country's delay in sharing the seriousness of the virus with the rest of the world isn't just negligence— it is criminal in nature.

“If China would have been transparent from the start, many more lives would have been saved in all parts of the world. Our legislation provides the tools necessary for American citizens to sue the Chinese Communist Party in federal court for financial losses incurred because of Covid-19,” he said.

Tillis alleged that the Chinese Communist Party lied to the world about Covid-19 and allowed it to become a global pandemic, causing many Americans to tragically lose their loved ones and face immense financial hardship.

“The American people deserve the right to hold the Chinese government accountable for its malicious actions, and I'm proud to join my colleagues in introducing this commonsense bill,” he said.

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