India and China today asserted that they would pursue normal trade relations with Iran despite US sanctions over Tehrans nuclear programme. The strong response comes in the wake of exemption given by the US last week to Japan and 10 European nations from financial sanctions for significantly reducing their purchase of oil from Iran.
In fact,given the energy security requirements and rising crude prices,BRICS nations Brazil,Russia,India,China,and South Africa decided not to snap ties with Iran despite the US sanctions,according to officials present at the trade ministers meeting ahead of the BRICS leaders summit in New Delhi tomorrow.
Yes,this was discussed. All BRICS members are members of the UN Security Council. We respect UN resolutions… at the same time,the resolution does not forbid countries to engage in trade in essential commodities and what is required for human good, Commerce and Industry Minister Anand Sharma said.
Sharmas Chinese counterpart Chen Deming repeated the same,adding that Beijing was not bound by domestic laws of any particular country.
Iran is the worlds third largest oil exporter,and a decrease in oil exports has made oil expensive. Deming pointed out that this would negatively impact BRICS as well as global economy.
While India imports 12 per cent of its oil from Iran,China meets 20 per cent of its requirement from Iran.