thakur_ritesh
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Yusuf,TR, China can compensate its reduction in oil supply with other things. It may give weapons for free/discounted price, give long credit etc. India does not have that kind of leverage. We faced the balance of payment issue with them for the same reason. We stand to loose out on our investment in the Chhanar port as well. Need to further understand what kind of arrangement has been set up as we already have info about Iran being a transit route for NATO on the sly.
We are trying. The barter system talked about by Mr Bhadrakumar in his article is in the same direction where that 45% trade in rupee will happen to which Iran has agreed to. The real problem will arise if tomorrow the US sanctions will cover stuff other than oil as well, but then again it will be universal and we wont be alone.
If you look at the 45% thing, you will realize we are the real gainers since the oil dependency is being reduced and Iran is being significantly made dependent on our exports to them, something that was never happening earlier. This what Mr Bhadrakumar is suggesting to as a blackmail on our part, but the fact is, Iran has cut down on its imports from others and is replacing with imports from countries like India.
If you look at the bigger picture, India's oil sourcing from Iran is reducing but our trade in value terms is increasing.