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India-Iran diplomatic and trade relations

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2026-09-04 10:04 UTC → 2026-09-04 22:04 UTC · added ~~removed~~

During the 26th Shanghai Cooperation Organization summit in Bishkek, Kyrgyzstan, Indian Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian met to discuss expanding bilateral trade and regional stability. This meeting marked their first encounter since conflict began six months ago. The leaders addressed maritime cooperation in the Strait of Hormuz and progress on the Chabahar Port, where India has invested at least $120 million. President Pezeshkian requested India’s assistance in using its diplomatic connections to promote dialogue and de-escalation, reiterating that Iran prefers dialogue over war. Prime Minister Modi expressed a commitment to strengthening long-standing ties and diversifying India’s trade basket with Tehran. These discussions occur amid intensified U.S. economic pressure under ‘Operation Economic Outcast’, which includes a naval blockade of Iranian oil exports. U.S. Secretary of State Marco Rubio dismissed reports of an impending trade agreement between the two nations. While acknowledging the right of countries to maintain independent foreign policies, Rubio stated he does not believe any such deal is currently being negotiated. Rubio warned that the U.S. administration will not tolerate mechanisms designed to help Iran evade sanctions or generate revenue that could be used to fund terrorism or nuclear development. He cautioned that any nation found facilitating such activities could face secondary U.S. sanctions themselves. Recent data indicates the effectiveness of the blockade, with Iran’s oil exports dropping significantly; August loadings averaged approximately 250,000 barrels per day. Additionally, the U.S. Navy has reportedly intercepted 86 commercial vessels attempting to enter or leave Iranian ports as part of the effort to throttle the Iranian economy. To further tighten the financial squeeze, the U.S. Treasury Department has sanctioned Turkey's Golden Global Bank and two subsidiaries for allegedly facilitating Iran's sanctions evasion and managing funds related to the IRGC.

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