Global Economy

Iran sanctions: Indo-Afghan Banking via Chabahar Port hit

NEW DELHI: India and Afghanistan may have a problem at hand with banking transactions for bilateral trade through Chabahar port being hit despite the strategically located port kept out of the purview of US sanctions on Iran.

At least 50 containers of Afghan goods ready to be exported through Chabahar port for Indian and Chinese markets have been disrupted due to financial obstacles, according to Afghan Chamber of Commerce & Industry (ACCI).

The Afghan chamber has urged the US treasury to permit the World Bank and IMF for the letter of credits for transactions at Chabahar port, according to an ACCI official. Indian and Afghan banks are not able to transfer money through the port, the official said, adding that the US sanctions on Iran have affected transactions.

“The Afghan and Indian governments are trying to find a solution so that we can remove the problems facing investors as well as the banking issue regarding Chabahar port, given the fact that it is an issue between Iran, Afghanistan and India,” Afghan news portal Tolo News quoted Sameer Rasa, head of the Office of the Senior Advisor to the Afghan President in Banking and Finance, as saying.


Officials from the Afghan ministry of industry and commerce told Tolo News that the Afghan and Indian governments are trying to find a solution to the problem. ACCI deputy head Khan Jan Alokozay said ACCI is ready to send Afghanistan’s second export shipment to India via Chabahar. Also, 500 tonnes of rice from India has arrivedat the port and will soon enter the Afghanistanmarket.


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