Iran is currently going through the most serious economic crisis in its history. US sanctions, uncontrolled inflation and weak economy have made the life of common people very difficult.

The Iranian currency Rial has reached a record low against the US Dollar. The situation is such that to buy 1 dollar one has to pay about 14.2 lakh Rials. In the year 2025 itself, the value of Rial has fallen by more than 50 percent against the Dollar.

The inflation rate in the country is beyond 50 percent and food prices have increased by almost 70 percent.

Due to unemployment, water shortage and economic pressure, protests and unrest are being seen in many areas. At present, Iran’s trade is limited to a few countries, especially China.

India Oil Import: Ever since America has imposed sanctions on Russia, India is in trouble. India now has to buy crude oil from far-flung countries. According to Bloomberg ship-tracking data, India has now started buying crude oil from Guyana.

For this, Indian tankers have to cover a long distance of about 11,000 miles (17,700 kilometers). According to the report, two large crude carriers, Cobalt Nova and Olympic Lion, left the South American country of Guyana in late November, each carrying about 2 million barrels of oil. These tankers are going to reach India in January.

India is looking for an alternative to Russia

Tracking data also showed that this is the first crude shipment from Guyana to India since 2021. During that time also, two cargoes loaded with 1 million barrels of crude oil had departed. India was importing about 1.7 million barrels of Russian oil every day, but last month US sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s two biggest exporters, raised concerns among Indian refiners. Even before this, US President Donald Trump had doubled the tariff on India for buying crude oil from Russia to 50 percent.

Oil was available at discount from Russia

India is the third largest buyer of crude oil in the world, having purchased crude oil worth $52.7 billion from Russia last year, which was 37 percent of Russia’s total exports. Apart from Russia, India also imports crude oil from Iraq, Saudi Arabia, United Arab Emirates, Nigeria and America. However, the special thing is that India gets crude oil from Russia at a discount rate. India got an average discount of 14.1 percent on Russian oil in the year 2022-23 and up to 10.4 percent in 2023-24. Due to this, India got savings of up to 5 billion dollars.

This is the destination of both ships

The Olympic Lion, a cargo of Guyana’s Golden Arrowhead crude, is headed to Paradip on India’s east coast, where state-run Indian Oil Corp. Operates a 300,000 barrel-per-day refinery. It acquired ExxonMobil Inc. through a tender in October. Bought the cargo from. Cobalt Nova, carrying a mixed cargo of Liza and Unity Gold grades, will probably disembark in Mumbai or Visakhapatnam, where Hindustan Petroleum Corp. Runs the plant. The company purchased 1 million barrels of each of these grades for delivery from late December to early January.

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Donald Trump: US President Donald Trump is once again furious. On Sunday, he got angry at the countries doing business with Russia and warned of imposing more stringent penalties. At the same time, it was also hinted that Iran will soon be blacklisted.

Speaking to reporters at Palm Beach International Airport, Trump said that his Republican Party lawmakers are drafting legislation to impose sanctions on countries that have trade relations with Moscow. He said, very harsh sanctions will be imposed on any country doing business with Russia. I have suggested to include Iran also in this. Meanwhile, Trump imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil. Under this, all the assets of Rosneft and Lukoil in America have been confiscated and American citizens have also been banned from doing any kind of financial transactions with these companies.

Despite increasing pressure from America, Russian President Vladimir Putin is adamant on not ending the war with Ukraine. Putin had said last month, “No self-respecting country and no self-respecting person takes any decision under pressure.” He warned that US sanctions could lead to a surge in global oil prices, which would have an adverse impact on Washington.

India confirmed 6 months exemption from US sanctions on Iran’s Chabahar port. The Ministry of External Affairs (MEA) on Thursday (30 October 2025) said that US sanctions will not apply to India’s Chabahar port in Iran.

10 year agreement was signed with Iran

The government last year signed a 10-year agreement with Iran, under which state-owned India Ports Global Limited (IPGL) promised to invest $370 million in Chabahar, a strategic port for India. This port is very important for India because it provides a direct trade route to Afghanistan and Central Asia, bypassing Pakistan.

This announcement by the Ministry of External Affairs has come at a time when India and America are busy finalizing a major trade agreement. The Foreign Ministry spokesperson said, “We will continue talks with the American side to finalize the trade agreement. Both sides are in continuous talks.”

India got 6 months exemption

America had earlier set September 29 as the deadline to cancel the sanctions exemption on ports related to Iran, but now it has been extended for 6 months. There was talk of developing a terminal at Chabahar port to transport goods to countries like India, Iran, Afghanistan, Kazakhstan and Uzbekistan.

This project was proposed by India in the year 2023, the objective of which was to strengthen regional connectivity through the International North-South Transport Corridor. This was the first time that India had taken over the management of a foreign port.

India is developing a terminal at Chabahar Port to transport goods to landlocked countries like Iran, Afghanistan, Kazakhstan and Uzbekistan. It was said to be connected to the International North-South Transport Corridor (INSTC).

Also read: Pakistan-Afghanistan peace talks broken, America became the reason, PAK accused India

Tension between America and Russia may increase once again. The Trump administration has prepared new economic sanctions against Russia. This step will be taken if Russian President Vladimir Putin continues to delay ending the war in Ukraine. American officials have given this information to Reuters.

What is America’s new plan?

Under America’s new plan, preparations are being made to directly attack Russia’s banking system and oil industry. Both these areas are most important for Russia’s war financing. If these restrictions are implemented, it could have a major impact on Russia’s economy. However, it has not been decided yet whether the Trump administration will implement them immediately or not.

Restrictions have been imposed earlier also

Earlier, America had imposed sanctions on Russia’s big oil companies Lukoil and Rosneft. After these sanctions, global oil prices increased by more than $2 and countries like China and India had to find alternative supplies of oil.

Role of European countries

According to a senior American official, America now wants European countries (EU) to take the next big step. Be it new restrictions or import duties. For now, Trump can wait and watch the situation for some time to understand how Russia reacts to these recent sanctions.

Ukraine is getting support

The US has also suggested the European Union (EU) to use frozen Russian assets to purchase American weapons for Ukraine. Apart from this, America is also considering using Russian assets kept in its country to help Ukraine in the war.

Trump’s strategy and challenges

President Donald Trump is presenting himself as a global peacemaker, but he has admitted that ending the Russia-Ukraine war has proved more difficult than expected. European countries, in view of Trump’s changing policies regarding Russia, are preparing to take new steps at their own level.

Ukraine’s new demand

According to sources, Ukraine has suggested to the US and its allies that all Russian banks be completely cut off from the US dollar system, so as to put further pressure on Russia’s international financial activities. Overall, this new strategy of the Trump administration is being considered as the next big step towards increasing economic pressure on Russia as well as strengthening Ukraine.

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Vladimir Putin Statement: Russian President Vladimir Putin completely rejected the new sanctions imposed by the US on his country’s two largest oil companies. He said that these sanctions are an attempt to put pressure on Moscow, but Russia will not succumb to any external pressure.

Putin said, ‘No self-respecting country does anything under pressure.’ His comments came when Washington imposed stringent sanctions on Russia’s two major oil companies, Rosneft and Lukoil. This step of America has been taken in response to Russia’s refusal for immediate ceasefire in Ukraine.

‘Oil prices will increase due to sanctions’

Vladimir Putin claimed that he had already warned US President Donald Trump that these sanctions could destabilize the global energy market and increase oil prices, which would also affect America itself. He said, ‘We had said very clearly that this will affect global oil prices, including the US.’

US President Donald Trump has once again taken a tough stance on India and said that if India continues to import crude oil from Russia, it will have to pay heavy import tariffs. Trump gave this statement while talking to journalists in his plane Air Force One. He said, ‘I spoke to Prime Minister Modi. He said that India will not buy Russian oil. If they do not do so, they will have to pay heavy tariffs.

The Trump administration believes that the countries buying oil from Russia are indirectly providing financial support to the Ukraine war, that is why America is continuously putting pressure on the countries buying energy from Russia. In the past months, America had requested many countries including India to reduce or stop Russian oil imports.

India has rejected Trump’s claim

Trump has already claimed that PM Modi has assured him that India will no longer buy oil from Russia. However, Trump’s claim has been rejected by the Indian Foreign Ministry. External Affairs Ministry spokesperson Randhir Jaiswal had said that the aim of India’s energy policy is to protect the interests of its consumers. He said that India is a responsible energy importer. We take our decisions independently so that prices remain stable and supply remains diverse. India reiterated that its priority is to maintain economic balance and meet domestic needs and not to come under any political pressure.

Trump’s tariffs affected India

The Trump administration had increased the import duty on many Indian products earlier this year. This includes clothes, medicines and agricultural products. Indian industry organizations say that this policy has had a negative impact on exports. If a new tariff is imposed on the issue of Russian oil, India-US trade relations may sour.

Controversy over Modi-Trump conversation

Trump claimed in his statement that Prime Minister Narendra Modi had promised him not to buy Russian oil. Although the Indian government has clarified that there is no official record of any such conversation, when journalists raised questions on this, Trump said that if they did not agree, they would have to pay heavy tariffs.

India’s energy strategy

India is the third largest oil importer in the world. New Delhi says its goal is to maintain affordable, sustainable and diverse energy supply. India currently buys oil from Saudi Arabia, America, Russia and United Arab Emirates. Meanwhile, a senior official of the Energy Ministry said that oil from Russia is proving to be the cheapest deal economically, hence India considers it a part of its energy security strategy.

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US agencies have imposed sanctions on eight Indian citizens and ten companies for their links with Iran’s oil and petrochemical business. This action is part of the new round of international sanctions. The US State Department and the Treasury Department have altogether imposed sanctions on more than 100 individuals, companies and vessels. The names of many Indians and India-based companies have been included in the list of the Office of Foreign Assets Control (OFAC) of the US Treasury Department.

Many Indian citizens in US Treasury’s list
The names of Mumbai’s Niti Umesh Bhatt, Kamala K Kasat, Kunal Kasat and Poonam Kasat are included in this action of America. Apart from this, sanctions have also been imposed against Tamil Nadu-born Ayyappan Raja, Tirupati’s Varun Pulla, Piyush Maganlal Javia and Sonia Shrestha. All of them are accused of playing an important role in the oil and gas business related to Iran and violating US sanctions.

Accusations of sending Iranian LPG to China and Pakistan
US officials say Varun Pulla’s company Bertha Shipping transported approximately four million barrels of Iranian LPG to China using a Comoros-flagged ship. Similarly, Ayyappan Raja’s company Ivy Lines, based in the Marshall Islands, sent one million barrels of LPG to China through a Panama-flagged ship. Sonia Shrestha’s India-based company Vega Star Ship is accused of supplying LPG from Iran to Pakistan using Comoros flagged ship ‘NEPTA’.

Indian companies accused of large scale imports
According to the US State Department, between January 2024 and January 2025, India’s CJ Shah & Company imported petrochemical products worth $44 million from Iran. Zavia’s company Chemovic is accused of importing Iranian petrochemical products worth seven million dollars. BK Sales Corp is accused of importing Iranian products worth $235 million, while Modi Chem is accused of importing Iranian products worth $49 million between January 2024 and February 2025.

Additionally, Parikem Resources imported petrochemical products worth $2 million from several companies between May and November 2024. These include Shivanani Organics FZE, which is included in the US sanctions list. These products also contained chemical ingredients like toluene.

American action against Harris Petrochem and Indisol also
Niti Bhatt’s company Indisol is accused of shipments worth $74 million between January and December 2024. Similarly, Haresh Petrochem, a company of the Kassat family, imported products of Iranian origin worth 10 million dollars in the next 13 months from January 2024. All these transactions have been considered a violation of US sanctions.

America’s strict message
America has made it clear that it is not going to spare any country, company or person associated with Iran’s oil and petrochemical business. Washington says that through such actions it wants to make the international sanctions imposed on Tehran more effective.

Brazilian President Louis Inecio Lula Da Silva has flatly refused to talk to US President Donald Trump. He says that “If Trump does not want to talk then why should I call?” This statement came when the US imposed an additional 40% tariff on Brazil’s imports, causing the total tariff to 50%. The move was described by Lula as the saddest day of Brazil-US bilateral relations.

In this stressful atmosphere, Lula clarified that he would now talk to other BRICS leaders, including Chinese President Xi Jinping, Prime Minister of India Narendra Modi and others. He said that “I will call Xi Jinping, I will call Prime Minister Modi. I will not call Putin, because he cannot travel.” This is a clear indication that Brazil will now prioritize diplomatic and business dialogue with BRICS countries instead of America.

Tariff and Brazil’s response by America
According to the warning given by US President Donald Trump, whatever countries will support the policies of BRICS that will be against the interests of America, they will have to pay 10% additional fees. A sudden 40% fee imposed on Brazil has made a huge impact on Brazil’s exports. Lula raised his voice against this decision and said that Brazil would use all available means including the World Trade Organization (WTO) to protect its business interests. Brazil’s Finance Minister Fernando Haddad also commented on this, saying that Lula is ready to take strict steps on the issue.

Judiciary dispute and human rights issue
The Trump administration and the US State Department have also disagreed over a decision by the Brazilian judiciary. In fact, the Supreme Court of Brazil has put former President Zayer Bolsonaro under house arrest on charges of conspiracy to coup. The US has called it a “human rights violation”.

Justice Alexander de Mores, who is overseeing the matter. However, the US has imposed restrictions under the Magnitsky Act. The US alleges that D Mores is misusing the court to suppress the opposition voices. D Morace replied that he will continue to perform his duties.

Brics vs America
This development indicates a significant turn in global politics. On one hand, there is America, which wants to create global relations according to trade protectionism and its priorities. On the other hand there are organizations like BRICS, which are active to create multilateralism and new economic poles. Lula’s contact with BRICS leaders ignoring Trump is a clear indication that Brazil is now moving towards taking an independent stance in global politics.

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A strange situation arose during the visit of Iranian President Masood Pipeshkian, when three government vehicles involved in his convoy deteriorated at the same time. Special Inspector of the President, Mustafa Molawi informed that all the vehicles were closed shortly after the fuel was filled from a petrol pump located near Takestan city of Kajvi province. After this, he had to complete his journey ahead by taking a grand taxi.

When investigation was done, it was found that water was added to the fuel. Due to this adulteration, there was a malfunction and the President decided to complete the journey from a private taxi without informing the local authorities. This incident has raised serious questions on the quality of fuel in Iran and the process of monitoring the petrol pumps.

Fuel adulteration problem in Iran
Fuel adulteration in Iran is not new. Complaints of adulteration of petrol or disturbances in pump meters have been coming up for years. Former oil minister Bijan Junganeh had also told in 2021 that action is taken against more than 400 petrol pump operators every year. The problem does not stop here only. A secret report published by Iran International in June 2024 stated that the imbalance between fuel production and demand in the country is increasing. To meet this deficiency, Iran is dependent on petrochemical-technical gasoline, which uses chemicals such as methyl turtle-butter ether. MTbe is banned in many countries as it is considered dangerous for environment and health. Despite this, it continues in Iran’s major refineries.

Government’s opinion on fuel quality
Although the National Iranian Oil Product Distribution Company (NIOPDC) has confirmed that complaints have been lodged earlier on the petrol station from which the fuel was filled, but no strict action was taken on it. Local people also often complain of such adulteration. In the video shared on social media and different platforms, the quality of petrol and evidence of rigging in the pump meter are seen.

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