US Reimposes Sanctions on Iran's Oil, Financial Sectors
07 November, 2018, 00:07
On Friday, a few days before the sanctions came into effect, the U.S. granted waivers to eight Iranian oil importers, including Iraq, Turkey, India, China, South Korea and Japan.
Trump on Monday said he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking energy markets and causing global price spikes. "This waters down the integrity of sanctions and communicates to the rest of the world that others do not have to abide by the UnitedStates restrictions", he said.
The reimposedsanctions will also target Iran's central bank and the country's shipping and shipbuilding sectors.
"We hope a new agreement with Iran is possible", he added.
Iranian Foreign Minister Javad Zarif, however, told USA Today his government is open to talks with the US if the Trump administration changes its approach to the nuclear deal.
Rouhani also said that Iran will "break sanctions proudly", because they are "cruel" and against law.
Gen. Gholam Reza Jalali, the head of country's military unit in charge of combatting sabotage, said last week that President Hassan Rouhani's cellphone was tapped recently.
The US Secretary of State, Mike Pompeo, said: "I promise you that doing business in Iran in defiance of our sanctions will ultimately be a much more painful business decision than pulling out of Iran". Worldwide, 4,500 oil tankers carry 2 billion barrels of crude per year over nearly 140 million square miles of ocean, according to industry and intelligence agency estimates.
Iranian rials, USA dollars and Iraqi dinars are seen at a currency exchange shop in Basra, Iraq November 3, 2018.
"These exemptions are premised on significant reductions of Iranian oil imports by countries such as China and Turkey when there is minimal evidence of such reductions".
Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.
According to Jim Ritterbusch, president of Ritterbusch & Associates, trade wars are also playing their part in deflating energies demand: "The magnitude of recent selling is strongly suggesting that global oil demand is weaker than expected as a result of tariff issues, especially between the US and China".
However, the Europeans need to figure out a way to maintain that trade with Iran without enraging the U.S. As reported Monday by the Financial Times, the EU has been preparing a "special goal vehicle" to safeguard that trade, but it's not yet ready. Iranian army Gen. Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard were taking part in the exercise.
India welcomes the U.S. decision to grant it a waiver from the anti-Iranian sanctions following intense six-month negotiations, a source from the Indian Foreign Ministry told Sputnik.
"We continue negotiations to get all of the nations to zero", he said.
The crippling sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.
China is the single-largest importer of Iranian oil and forcing it to look elsewhere to fuel its dynamic economy would likely have rocked the market. "We are prepared to resist any pressure", Rouhani said. Imposing maximal economic pressure on Iran is vital for getting Tehran back to the table, he said.
"Permitting these specific activities to continue is an interim measure that preserves oversight of Iran's civil nuclear program", according to the statement, which has sparked fierce pushback from Iran hawks.
They have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing U.S. penalties.
Japan had sought a waiver during negotiations with the USA, saying that its imports of Iranian oil had been falling recently.
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