By Iclal Turan
WASHINGTON (AA) - The US signaled on Monday that Indian companies could face sanctions after India and Iran signed a 10-year contract for the development of the southern Iranian port city of Chabahar.
"Any entity, anyone, concerned business deals with Iran, they need to be aware of the potential risks they are opening themselves up to and the typical risk of sanctions," State Department deputy spokesman Vedant Patel told reporters.
The signing came as part of plans to further boost their bilateral trade and economic relations.
The deal was signed by Iran's Minister of Roads and Urban Development Mehrdad Bazrpash and India's Minister of Ports, Shipping and Waterways Sarbananda Sonowal in the Iranian capital of Tehran on Monday, according to Iranian Press TV.
It said under the agreement, Iran's Ports and Maritime Organization will hand over parts of the freight and container terminals of the Shahid Beheshti Port of Chabahar to India for 10 years.