India gets U.S. waiver for development of strategic Chabahar Port in Iran

Egypt's Sisi says new sanctions on Iran are 'destabilising'

Pompeo Allows Sanctions Exception for Chabahar Port

South Korea and Iran have agreed to switch to national currencies in trade exchanges as the sides aim to strengthen relations despite the USA sanctions on Tehran.

The U.S. sanctions had threatened India's ability to obtain financing for the development of Chabahar, which could potentially end Afghanistan's dependence on Pakistan's port of Karachi.

Egypt's president has commented on new U.S. sanctions against Iran, dismissing them as "destabilising", pro-government local media has reported.

In May 2016, India, Iran and Afghanistan inked a pact which entailed establishment of Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran, besides multi-modal transport of goods and passengers across the three nations.

This exemption is in addition to "temporary allotments" - Significant Reduction Exemptions -from sanctions that the United States announced for India and seven major importers of Iranian crude oil on Monday, when the second and final round of sanctions went into effect fully.

"The president's South Asia strategy underscores our ongoing support of Afghanistan's economic growth and development as well as our close partnership with India", the state department spokesperson said. "We seek to build on our close relationships with both countries as we execute a policy of maximum pressure to change the Iranian regime's destabilizing policies in the region and beyond".

New Delhi has poured $2 billion into development in Afghanistan since the 2001 USA -led overthrow of the Taliban government.

"Delhi also made clear that it does not support Iran's destabilising activities in the Middle East or an Iranian nuclear weapons program, and that any involvement in Chabahar will not advance those two agenda", he said.

Trump's decision has been opposed by European powers as well as other nations including India, which has largely warm relations with Iran.

"We have weathered hard times in the face of 40 years of American hostility relying exclusively on our own resources, and today we and our partners across the globe will ensure that our people are least affected by this indiscriminate assault", he said.

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