BRICS not 'obliged' to follow US sanctions on Iran

Mar 28, 2012 |

New Delhi

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India, China and other BRICS countries today said they will not severe their trade ties with oil-rich Iran, which is facing US sanctions against its nuclear programme.

The issue came up for discussion at the meeting of Brazil, Russia, India, China and South Africa (BRICS) trade ministers, a day ahead of the BRICS summit here.

"Yes, this was discussed. All BRICS members are members of the UNSC. We respect UN resolutions...at the same time the resolution does not forbid countries to engage in trade in essential commodities and what is required for human good," Commerce and Industry Minister Anand Sharma said, addressing a joint a press conference with other BRICS trade ministers.

Commerce Minister from China, Chen Deming said his country is not 'not obliged to follow any domestic laws and rules of any particular country'.

Sharma said Iran is an important source of energy. Spiralling oil prices have put stress on India's finances. "Therefore, we look at things...in very pragmatic manner and remaining within the ambit of the UN resolution".

India imports 12 per cent of its oil from Iran while China depends on the Iranian crude to the extent of 20 per cent of its requirements.

Deming said said rising crude oil price would 'negatively impact' BRICS as well as global economy.

The US and key European nations have slapped sanctions on Iran’s economy over Tehran’s nuclear programme.

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