India, Iran To Speed Up Port Construction Ahead Of US Sanctions - Reports

India and Iran will rush to complete the first berth in the Iranian coast city of Chabahar to make the port there operational before US sanctions on Tehran kick in next month, Indian media reported Monday.

MOSCOW (UrduPoint News / Sputnik - 15th October, 2018) India and Iran will rush to complete the first berth in the Iranian coast city of Chabahar to make the port there operational before US sanctions on Tehran kick in next month, Indian media reported Monday.

The port project was delayed amid fears of US curbs on financial flows to Iran, expected on November 4, The Economic Times cited its sources as saying.

The countries have been racing against time to set up back channels for bilateral payments, the outlet was told.

India has reportedly pledged $500 million for the port, which is expected to become operational by 2019. It will allow Indian shipments to bypass rival Pakistan on the way to Afghanistan and farther into Europe.