Sanctions Halt At Least $500 Million In Exports To India

The U.S. Dept. of Commerce considers India to be one of America's most promising export markets. However, the promise will take longer to be fulfilled than previously anticipated, a result of economic sanctions the Clinton Administration imposed in the wake of India's May 11 nuclear tests. Immediately affected were $500 million worth of U.S. exports for which Indian buyers were seeking U.S. Export-Import Bank financing. An additional $3.5 billion worth of exports could be affected. Also put on hold are Overseas Private Investment Corp. risk-insurance and finance packages for India not approved prior to May 13.