US Reimposes Sanctions on Iran's Oil, Financial Sectors

06 November, 2018, 01:39 | Author: Rachel Logan
  • A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf

Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it. The others had sanctions that were lifted as part of a nuclear deal world powers struck with Iran reimposed.

The sanctions target Iran's energy, financial and shipping sectors and are aimed at crippling the country's economy following President Donald Trump's withdrawal from the 2015 nuclear deal.

Iran said it would defy United States sanctions reimposed on it by Washington on Monday, denouncing usa attempts to curb Tehran's missile and nuclear programs as "economic war". SUBSCRIBE NOW and hit the bell to be the first in the know.

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.

"The maximum pressure exerted by the United States is only going to mount from here", said Treasury Secretary Steven Mnuchin in a statement ahead of a briefing with Secretary of State Mike Pompeo.

The other parties to the nuclear deal - Britain, France, Germany, China and Russian Federation - have all vehemently opposed the USA move and vowed to keep trade going, though they are struggling to convince private companies to stand up to United States pressure.

World oil markets were on alert, nervously set to gauge the consequences of the sanctions.

The US on Monday unleashed its "toughest ever" sanctions against Iran, a move that has already sparked mass protests in the oil-rich nation.

The sanctions also come as Iran's economy is under pressure from the first round of United States sanctions that went into effect in August.

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US officials did not immediately make an announcement as the sanctions took force in the early morning hours of November 5, part of Washington's effort to ramp up pressure on Tehran to "change its behavior" and end what the United States says is its "malign" activities in the region.

"Iran is a much different country than it was when I took office", said Trump, adding: "They wanted to take over the whole Middle East".

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

"This is an economic war against Iran but".

"We can assure our people that the enemy will not be able to carry out its threats against our country", IRNA quoted Habibollah Sayyari, the coordinating officer, as saying.

Turkish Trade Minister Ruhsar Pekcan said on Saturday that Turkey had received indications that it would be among the countries granted a waiver, but was still awaiting clarification on Monday.

Rallies at which demonstrators loyal to the hardline Iranian regime chant "death to America" or "death to Israel" in English are frequent, but analysts say they have recently been fuelled by Mr Trump's plans to reimpose sanctions. "We must resist and win".

He added, Iran will never come close to a nuclear weapon on President Trump's watch. The other parties to the deal - Britain, France, Germany, China and Russian Federation - say they will not leave.

"That's why they want us to round up our missiles".

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