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CAATSA and It's Implications-

What is CAATSA?
◆The CAATSA, which expands to Countering America’s Adversaries through Sanctions Act is a federal law that is passed by the united states. It imposes sanctions on Iran, Korea and Russia.
◆The sanctions represent the implementation of multiple legal authorities. A few of these are executive orders passed by the US president. The rest of them are public laws passed by Congress. (modifications to these regulations are posted in the federal register)

Other Important Provisions in CAATSA
●The US president has the right to impose sanctions against Iran’s ballistic missile or weapons of mass destruction programmes. Sanctions may also be issued against Iran’s Islamic revolutionary guard corps or any other affiliated foreign persons
●Prohibition of banking transactions. Under this section, the secretary of the treasury would prohibit the opening correspondent accounts of financial institutions engaged in the transfer of funds from the sanctioned person in the Russian defence sector.
●Under section 235 (a) (2), the license is denied for the export of any items controlled by the US to the sanctioned person under the Export Administration Act, the Arms Export Control Act as well as the Atomic Energy Act
●For Russia, the bill provides sanctions for the activities concerning crude oil projects, cybersecurity, financial institutions, human rights abuses, privatisation of state-owned assets and finally, arms transfers to Syria.
●The bill also directs the department of treasury to develop a national strategy for combating the financing of terrorism
●The bill increases the president’s power to impose sanctions on people if there has been a violation of certain united nations security council resolutions regarding North Korea
●Any foreign government that provides or receives from North Korea is prohibited from receiving certain types of US foreign assistance.
●A determination shall be submitted by the state department regarding whether North Korea meets the criterion to be a state sponsor of terrorism.
●The bill also provides sanctions against any kind of North Korean cargo and shipping. It imposes sanctions on goods that are even in part produced by a North Korean convict or as a result of any kind of forced labour.

Types of Sanctions imposed
◆There will be a prohibition of loans to the sanctioned people, as enumerated under section 253 (a) (1)
◆Prohibition by the united states government to procure goods and services from the sanctioned people
◆Denial of visa to people closely associated with the sanctioned person.
◆There will absolutely be no bank assistance for exports to the set of sanctioned persons.

Implications of CAATSA on India
●Although the sanctions are not directly imposed on India, it affects India nevertheless. The major reason for this is the nature of relationship India has with Iran and Russia. India happens to have strong trade ties with both these nation states.
●Notably speaking, Russia is and has been India’s largest supplier of defence equipment
●Now, as per the provisions of the bill discussed above, US imposes sanction on all its adversaries, as well as all countries and firms dealing with these adversaries. India falls into the former category.

●So to conclude, if India does not remove ties with Russia and Iran, the US may invoke sanctions against India. India cannot afford to lose the growing diplomatic relations with the US, which is the mightiest economic superpower in the world, but neither can it afford to forego supplies of defence and Oil from Russia and Iran (respectively).

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6.5K viewsAnkit, edited 04:51