Iran Nuclear Deal

• IAS NEXT, Lucknow
• 14, Mar 2022

Reference News:-

Talks on the revival of the Iran nuclear deal have become a casualty of the war in Ukraine after an indefinite pause was announced over last-minute Russian demands.

What’s the issue?

An agreement on the nuclear deal to bring the US and Iran back into compliance would have led to a swathe of US sanctions on Iran being lifted, including Iranian crude oil exports and petrochemicals, in return for limits on Tehran’s nuclear activity.

• In the past week, however, Moscow has insisted Washington pledge not to impose sanctions on any trade between Russia and Iran once an agreement is signed.

Concerns ahead:

Russia has been a key broker of the painstaking talks in Vienna, which have lasted for almost a year. If the impasse is prolonged there is likely to be a debate over whether Moscow can absolutely use its UN veto on the agreement known as the joint comprehensive plan of action (JCPOA).

Russia and JCPOA:

Russia’s most important role in JCPOA implementation would be as the importer of Iran’s excess enriched uranium stockpile, which would be transported to Russia via ship and exchanged for natural uranium.

About the Iran Nuclear Deal:

• Also known as the Joint Comprehensive Plan of Action (JCPOA).
• The JCPOA was the result of prolonged negotiations from 2013 and 2015 between Iran and P5+1 (China, France, Germany, Russia, the United Kingdom, the United States, and the European Union, or the EU).
• Under the deal, Tehran agreed to significantly cut its stores of centrifuges, enriched uranium and heavy-water, all key components for nuclear weapons.

Significance of the deal for India:

• Removing sanctions may revive India’s interest in the Chabahar port, Bandar Abbas port, and other plans for regional connectivity.
• This would further help India to neutralize the Chinese presence in Gwadar port, Pakistan.
• Restoration of ties between the US and Iran will help India to procure cheap Iranian oil and aid in energy security.