USA announces broad new sanctions against Iran

Hugh Fox
November 4, 2018

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.

The enemy's last option, namely economic war on Iran, has been defeated and the U.S. tool of sanctions has become useless, the commander stated. The deal saw Iran limit its controversial nuclear activities in exchange for sanctions relief.

Barack Obama, the United States president at the time, had argued the deal would prevent Iran from developing nuclear arms.

As parties to the JCPOA, we have committed to work on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran's export of oil and gas.

In May, the Trump administration announced the restoration of sanctions against Iran.

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"On Monday, November 5, the termination of US participation in the Iran nuclear deal will be complete".

It is the second time that the White House has reversed sanctions since May after Mr Trump withdrew from the nuclear accord, describing it as "defective to the core".

Earlier in an interview with the Sean Hannity Show, US Secretary of State Mike Pompeo alleged that Iran was the world's largest state sponsor of terror. These include ending support for terrorism and military intervention in Syria, as well as completely halting nuclear and ballistic missile development.

The other major oil producing countries are expected to ramp up production to try and compensate for Iran´s anticipated decline in output.

"That's the mission, these sanctions are a part of our effort, and they're already being felt by the Iranian leadership", he said. South Korea, Japan and India are expected to get a reprieve, however, and possibly China. If the Trump Administration did not give Taiwan a waiver, that system would be threatened, the Central News Agency reported. "But banks must be very careful that these are not disguised transactions or they could be subject to certain sanctions".

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Turkey has been told it will temporarily be allowed to keep buying Iranian oil, its energy minister told reporters, as has Iraq, as long as it does not pay Iran in USA dollars, three Iraqi officials said.

Demonstrators in Tehran gathered on Sunday outside the former U.S. diplomatic mission, also known as the "Den of Espionage", chanting slogans against the United States. "So it must be given concession in buying oil with Iran and this is what was required and done".

He added that it had not been determined yet whether the waivers would be temporary or permanent, specifying that additional negotiations were required for making the final decision. It has also sought a carve out from curbs on ports for Chabahar port in Iran which it has helped develop and uses as gateway to Afghanistan and Central Asia. But senior administration officials refused to spell out the names on Friday.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 USA embassy takeover as Washington restored all sanctions lifted under the 2015 nuclear deal.

The sanctions come six months after US President Donald Trump withdrew from the 2015 nuclear deal struck between world powers and Iran.

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