India, Iran discuss possible impact of United States sanctions on bilateral oil trade

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The International Court of Justice, the principal judicial organ of the United Nations, said in a statement Tuesday that the lawsuit was based on a treaty signed by Iran and the United States more than a half-century ago - well before the 1979 Islamic Revolution that overthrew the American-backed shah and ushered in the prolonged estrangement in relations between the countries. "We're already working very closely with our counterparts", Mnuchin said.

Shipping to Iran and ports in the country are also coming under the U.S. sanctions.

India side informed Iranian authorities that it has not taken any final decision on "complying" with the USA sanctions and would like to continue engagement with the Americans.

"Views were also exchanged on regional and worldwide issues of mutual interest, including the efforts being made by various parties to address issues that have arisen over the Joint Comprehensive Plan of Action (JCPOA)", the Ministry of External Affairs (MEA) said without elaborating.

The United Nations and the European Union, which had coordinated the talks leading to the agreement, and the rest of the JCPOA's signatories all warned Washington against taking the move, calling the deal pivotal to regional and global peace and security.

Paris had singled out key areas where it expected either exemptions or extended wind-down periods for French companies, including energy, banking, pharmaceuticals and automotive.

Iran's Foreign Ministry said Monday, July 16, 2018, that if President Donald Trump wants to negotiate after pulling the United States out of the worldwide agreement meant to prevent Tehran from developing a nuclear weapon, he'll have to make the call. He did not name the country he had not yet consulted.

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In a message in his Twitter account, Zarif said Iran has on Monday filed a complaint at the ICJ "to hold U.S. accountable for its unlawful re-imposition of unilateral sanctions".

"Today Iran filed a complaint @CIJ_ICJ to hold U.S. accountable for its unlawful re-imposition of unilateral sanctions", Zarif tweeted. The text also calls for countering the "habit (of the White House) of violating worldwide law'".

"We are going to very strongly enforce the Iran nuclear sanctions", Treasury Secretary Steven Mnuchin said Friday.

Thus, States will enact more sanctions against Iran in early August, and European companies will also be affected by these sanctions.

His comments appeared to be trying to ease local concerns fueled by Trump's decision to withdraw from the nuclear deal with Iran.

Trump has said he asked Saudi Arabia to raise oil production if needed to ensure global oil supplies and the country has 2 million barrels per day of spare capacity.

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