USA exempts 3 Iranian n-sites from sanctions

07 November, 2018, 11:00 | Author: Kevin Carter
  • Saudi oil output capacity may be close to maxing out

Early on Monday the USA imposed its "toughest ever" sanctions on Iran that it had earlier lifted after the signing of the nuclear agreement in July, 2015 between Tehran and Russia, China, the UK, France, Germany and the US.

The 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.

USA sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts. "We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don't want to drive (up) the oil prices in the world", he told reporters before flying to a campaign event.

The new sanctions particularly hurt Iran's vital oil industry, which provides a crucial source of hard currency.

India is one of eight countries to receive temporary exemptions from USA sanctions on Iran that came into effect on Monday, Secretary of State Mike Pompeo has said. "I don't want to lift oil prices".

"With the oil, it's very interesting". It says It wants Iran to radically change its policies, including its support for regional militant groups and its development of long-range ballistic missiles. "It will be gradual", the United States president said.

"Iran's oil exports will never reduce down to zero, but Iran's decreased oil supplies will affect the market", Khamkani was quoted as saying by the Oil Ministry's news outlet.

Each country on the list had demonstrated "significant reductions " of the purchase of Iranian crude over the past six months, according to Mr. Pompeo. "This waters down the integrity of sanctions and communicates to the rest of the world that others do not have to abide by the U.S. restrictions", he said.

Even China, locked in a bitter trade war with the United States, bowed to pressure from Washington and dialled back imports.

More news: Sanctions on Khashoggi killers weeks away: Mike Pompeo

"We've only seen 10 tankers loading at, or signaling for Iranian terminals in November so far, which is significantly lower than what we usually see at the beginning of the month", said Kpler, a data intelligence company.

Schiff said, "The Trump administration's unilateral re-imposition of these sanctions will also accelerate efforts to facilitate transactions through alternative financial channels that are not reachable by the U.S. sanctions and into which we will have limited visibility".

However, Trump's personal lawyer Rudy Giuliani and his national security adviser John Bolton both have given speeches advocating overthrowing Iran's theocratic government.

"Further, its negotiators failed to secure any restrictions on Iran's other destabilizing activities, including the regime's ballistic missile development and proliferation", he told a NY audience.

"Our objective is to starve the Iranian regime of the revenue it uses to fund violent and destabilizing activities throughout the Middle East and, indeed, around the world", Pompeo said.

"This administration's reckless withdrawal from the JCPOA has squandered our best opportunity to prevent a nuclear Iran, moving us closer to a military conflict that the American people don't want all while undercutting our most importance alliances overseas", he said.

The sanction aim to block worldwide trading of Iran's key exports of crude oil, natural gas and petrochemical products and prohibit dealing with Iranian energy, shipping and shipbuilding companies and the Central Bank of Iran.

Israel's defence minister Avigdor Lieberman welcomed the newly restored USA sanctions, saying in a tweet that they will deal a "critical blow" to Iran's military presence around the Middle East.

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