Trump says he wants to go slower on sanctions for Iran’s oil

07 November, 2018, 11:00 | Author: Corey Lynch
  • New U.S. Sanctions Against Iran Go Into Effect

The U.S. on Monday resumed energy and financial sanctions against Iran, but Korea, China, Japan, India, Turkey and three other countries are exempt on condition that they drastically curtail oil imports.

The measure announced on Monday was "interim" and only allowed the continuation of the three non-proliferation projects "under the strictest scrutiny to ensure transparency and maintain constraints on Iran" Efe quoted the State Department as saying.

US President Donald Trump's administration in May reinstated all sanctions lifted under the 2015 nuclear deal, targeting both Iran and countries that trade with it in oil, financial transactions with its Central Bank and the country's port sector.

"We have the toughest sanctions ever imposed".

The new sanctions particularly hurt Iran's vital oil industry, which provides a crucial source of hard currency. "But on oil, we want to go a little bit slow because I don't want to drive the oil prices in the world up", Trump told reporters at Joint Base Andrews outside Washington on Monday before leaving on a campaign trail for the mid-term polls.

"With the oil, it's very interesting. But I don't want to do that", he said. "I could get the Iran oil down to zero immediately, but it would cause a shock to the market".

The economic chaos sparked mass anti-government protests at the end of past year which resulted in almost 5,000 reported arrests and at least 25 people being killed.

House Democratic Whip Steny H Hoyer said, "Rather than achieving its stated goal of eliminating Iran's oil exports altogether, the administration has issued "exemptions" for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale".

Each country on the list had demonstrated "significant reductions " of the purchase of Iranian crude over the past six months, according to Mr. Pompeo.

"I promise you that doing business with Iran in defiance of our sanctions, will ultimately be a much more painful business decision than pulling out of Iranand being connected to Iran entirely", Mr Pompeo said. "This waters down the integrity of sanctions and communicates to the rest of the world that others do not have to abide by the USA restrictions", he said.

The United States says the sanctions are not aimed at toppling the government, but at persuading it to radically change its policies, including its support for regional militant groups and its development of long-range ballistic missiles.

However, Trump's personal lawyer Rudy Giuliani and his national security adviser John Bolton both have given speeches advocating overthrowing Iran's theocratic government.

The sanction aim to block worldwide trading of Iran's key exports of crude oil, natural gas and petrochemical products and prohibit dealing with Iranian energy, shipping and shipbuilding companies and the Central Bank of Iran.

The sanctions end all economic benefits America had granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord that saw it limit its enrichment of uranium.

"In May, President Trump had pulled the United States out of the 2015 landmark JCPOA terming it as disastrous".

Israeli Prime Minister Benjamin Netanyahu, a longtime foe of Iran, lauded the sanctions as "historic", saying they will "strangle" what he described as Iranian state-sponsored terrorism.

After the US' withdrawal from the deal, Trump signed fresh sanctions against Iran, which claims its nuclear programme is peaceful and for civilian goal.


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