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U.S. Revokes Chabahar Waiver, Reimposes Sanctions on India’s Iran Port Project

Washington ended the 2018 waiver, citing the loss of the Afghanistan reconstruction rationale, with a 45-day wind-down now required for Indian operators.

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A truck transporting cargo from Afghanistan to be exported to India is seen in the southeastern Iranian coastal city of Chabahar on February 25, 2019

Overview

  • Sanctions on the Chabahar project took effect September 29 as the State Department aligned the move with President Trump’s maximum pressure campaign on Iran.
  • Companies involved, including state-run India Ports Global Limited, have 45 days to exit or risk frozen U.S.-based assets and a bar on U.S. financial transactions.
  • India’s foreign ministry said it is examining the implications of the revocation, signaling a cautious assessment of legal, financial and strategic exposure.
  • IPGL has operated Chabahar’s Shahid Beheshti terminal since December 2018 and last year signed a 10-year contract reportedly pledging about $370 million.
  • Analysts warn of cascading de-risking by banks and a setback to India’s access to Afghanistan and Central Asia, weakening its counterweight to China’s nearby Gwadar port.