Trump administration announces re-imposition of Iran sanctions

Hugh Fox
November 2, 2018

Sources in New Delhi said that India is close to a deal with the U.S. that will allow it to continue buying crude oil from Iran without attracting any sanction after it agreed to cut imports and escrow payments.

Iran hard-liners in Congress and elsewhere probably will be disappointed in the sanctions because they were pushing for no oil import waivers as well as the complete disconnection of Iran from the main global financial messaging network known as SWIFT.

Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies. The other four countries that will get waivers weren't identified.

The waivers are being granted for continued import cuts, so that oil prices do not shoot up, the official added.

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But he became the first of four victims for Jadeja and the left-armer returned to mop up the tail, finishing with figures of 4-34. It was his second four-wicket haul in eight matches since his comeback to the ODI team during the Asia Cup in September.

Front-month Brent crude futures were at $73.04 per barrel at 0520 GMT on Friday, up 15 cents, or 0.2 per cent, from their last close.

Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. The source said India would soon sign an initial agreement with Iran to start paying for oil in Indian rupees through UCO bank.

The US has insisted all along that it wanted every country to reduce oil imports from Iran to zero eventually, but was open to country-specific waivers that would allow limited imports by those pledging "significant" cut.

His comments come just one day after the country's foreign minister said USA sanctions will have "severe consequences".

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Iran has no fear about new US sanctions due to take effect in coming days, Iranian President Hassan Rouhani was quoted as saying on Wednesday.

The goal of the law, which came into effect during the Obama administration, was to put pressure on Iran to curtail its nuclear programme by forcing its major oil customers to reduce their purchases.

European powers will implement a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran next week, Mahmoud Vaezi, the presidency office head, said Wednesday, according to the Islamic Republic News Agency (IRNA). The report states that an estimated reduction of 1.1 million barrels a month has been managed by the pressure campaign, according to U.S. estimates.

President Donald Trump withdrew from the deal in May, describing it as "defective at its core". But we are prepared to work with countries that are reducing their imports on a case-by-case basis. The US sanctions have driven away Indian and worldwide shippers and insurers from extending their services for Iranian oil imports.

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A list of all countries getting waivers is expected to be released officially on Monday, several briefed industry sources said.

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