On Iran ban, this is how India could assert its sovereignty without miffing US
Most experts say a law like the EU Blocking Statute, which protects individuals and companies of EU member states from the extra-territorial US sanctions, holds more merit than a waiver.
New Delhi: Was getting a waiver for US sanctions against Iran the best option or could India have looked at a more lasting solution like the European Union’s (EU) legislation against it? Most experts say a law like the EU Blocking Statute, which protects individuals and companies of EU member states from the “extra-territorial” US sanctions, holds more merit than a waiver.
They believe such a measure could be undertaken by India against the unilateral US sanctions against Iran without affecting its alliance with the US on other issues.
According to them, the legislative step could be taken on expiry of the 180-day exemption granted to India, along with seven other countries, by the US last week. In May, the US had re-imposed sanctions against Iran and set a deadline of November 5 for countries trading with the Persian Gulf nation to wean away from its imports.
Kartik Mittal, senior solicitor, UK-based Zaiwalla & Co LLP, who spoke to DNA Money from London over the phone, said a similar option like the EU, through an Indian legislative instrument, is available to the government to legally protect Indian nationals and companies from US sanctions after the waiver is lifted.
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