USA targets Iran with oil sanctions

06 November, 2018, 01:40 | Author: Donnie King
  • A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf

Over 700 entities were targeted, according to CBS News; some of the sanctions had been imposed by the Obama administration but were canceled when Obama signed on to the Iran nuclear deal.

While the administration said it has reduced Iran's daily oil exports by more than a million barrels a day, Pompeo acknowledged the usa granted eight countries waivers to continue buying Iran's oil without penalties for six more months.

In an interview with "Fox News Sunday", Pompeo refused to reveal which countries received waivers from US sanctions to continue importing Iranian oil.

United States sanctions targeting Iran's oil sales and banking sectors are being restored on Monday as part of a wider effort by Mr Trump to force Tehran to halt its nuclear and ballistic missile programmes outright.

The restoration of U.S. sanctions on Monday targeting Iran's oil sales and banking sectors is part of a wider effort by Trump to force Tehran to halt its nuclear and ballistic missile programmes outright, as well as support for proxy forces in conflicts across the Middle East. SUBSCRIBE NOW and hit the bell to be the first in the know.

Another signatory to the nuclear deal, China, has said it regrets the the re-imposition of sanctions and that its lawful trade with Iran should be respected.

But others argue that the date of the second round of sanctions is not coincidental, especially following the tweet of US Secretary of State Mike Pompeo who wrote: "Today marks the 39th anniversary of the USA embassy takeover in Tehran, when more than 50 of our colleagues were taken hostage".

Pompeo also said without specifying that the United States would exempt three non-proliferation projects underway in Iran from the sanctions. "We'll see what happens with Iran", adding "they're not doing very well".

The Treasury said its Office of Foreign Assets Control will continue to maintain humanitarian authorizations and exceptions that allow for the sale of agricultural commodities, food, medicine, and medical devices to Iran.

"We believe that China's normal cooperation (with Iran) within global law is legal and legitimate, and this shall be respected".

Talking at the meeting, the new Economy Minister Farhad Dejpasand said Iran has "plans" to overcome sanctions.

The U.S. reintroduced sanctions against Iranian oil on November 5 while giving some of Washington's closest allies exemptions that allow Tehran's biggest customers, mostly in Asia, to keep buying crude for now.

Threatening more directly, Salami claimed that "battle with the Islamic Republic will take the war beyond the region" and "if we want, in a short time we can establish dominance over the the Middle East".

Diplomats, however, said there were no plans to raise the United States sanctions at the council for the time being.

"Rest assured, Iran will never get close to obtaining a nuclear weapon under President Trump's watch", he said. "It's the reason for President Trump's policy".

"America has launched an economic and psychological war as a last resort".

The new U.S. sanctions are expected to hurt Iran's vital oil industry, a crucial source of hard currency for a country already in the grip of an economic crisis.

Rouhani said even without the waivers Iran would still be able to sell its oil, semi-official Tasnim news agency reported.

Joint output from Russian Federation, the United States and Saudi Arabia rose above 33 million barrels per day (bpd) for the first time in October, up 10 million bpd since 2010, with all three pumping at or near record volumes.

US President Trump signed an executive order on August 5 aimed at piling financial pressure on Tehran to force a "comprehensive and lasting solution" to Iranian threats, including its development of missiles and regional "malign" activities.

But proponents as well as the other parties to the deal - Britain, China, France, Germany, Russia and the European Union - have vehemently defended it.



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