US revokes 2018 sanctions waiver for India, others countries at Iran’s Chabahar port, effective from Sept 29

The US has decided to revoke the sanctions exception linked to Iran's Chabahar Port issued in 2018. With this, individuals linked to operations at the port would be exposed to sanctions under the Iran Freedom and Counter-Proliferation Act (IFCA), the US Department of State said in a release.

A speed boat passes by oil docks at the port of Kalantari in the city of Chabahar, east of the Strait of Hormuz. (Reuters File)

The revocation of the sanctions waiver will be effective from September 29.

The move stands to impact India because an Indian-state run company is engaged in the development of a terminal at the Chabahar port. The country eyes the port as an important project in context of regional trade and connectivity initiatives.