Iran launches military drill in response to return of United States sanctions

07 November, 2018, 04:20 | Author: Roderick Gutierrez
  • Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

Washington has pledged to eventually halt all purchases of crude oil from Iran globally but for now it said eight countries - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - can continue imports without penalty.

The move by the White House re-imposes US sanctions that were lifted as part of a 2015 multinational deal with Tehran and impose hundreds of additional sanctions created to hit Iran's key economic sectors - including oil and gas, shipping and banking.

Earlier in the day, Zarif said that the fresh round of US sanctions on Iran has failed to cut Tehran's oil exports to zero.

Taiwan is among eight nations granted a temporary waiver to continue to import Iranian oil on November 5, as the USA rolled out a host of sanctions impacting Iran's energy, financial, shipbuilding, and shipping sectors.

The sanctions also cover 50 Iranian banks and subsidiaries, more than 200 people and vessels in its shipping sector, Tehran's national airline, Iran Air, and more than 65 of its aircraft, a US Treasury statement said.

President Donald Trump removed the USA from the 2015 Iran nuclear deal earlier this year, triggering the sanctions being imposed Monday. "Iranian exports show a decline of more than 1 million barrels per day (bpd) as of October from May", said Edward Bell of Emirates NBD bank.

The Trump administration said it has taken its final steps to remove the United States from the 2015 Iran nuclear agreement.

To keep the deal alive, the remaining parties to the Iran nuclear deal are trying to maintain trade with Tehran despite scepticism this is possible despite USA sanctions to choke off Iranian oil sales.

"China opposes unilateral sanctions and long-arm jurisdiction", AFP quoted foreign ministry spokeswoman Hua Chunying as saying at a regular briefing with reporters on Monday. "True, there can be more bumps along the way, but we must approach this very aggressively and from strength. also morally, economically and vis-à-vis security". The price pressure on oil has scared off financial traders.

"The countries will deposit Iran's revenue in an escrow account, USA officials have said". "We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists".

On Monday, global benchmark Brent crude oil futures were up almost 0.8 per cent to US$73.41 a barrel and United States crude futures were up 0.4 per cent at US$63.41.

In an interview with Press TV, political columnist David William Pear said that the United States sanctions are "really putting such hardships on the Iranian people and it is totally unnecessary".

Pompeo further stated that the U.S. hopes "an agreement with Iran is possible", however, failure to change their ways will invite relentless pressure from the US.

Kevin Book, managing director of Clearview Energy Partners research firm in Washington DC, said the first round re-imposed in August have already had a significant impact on the Iranian economy.

U.S. sanctions permit trade in humanitarian goods such as food and pharmaceuticals, but measures imposed on banks and trade restrictions could make such items more expensive.

"This oversight enhances our ability to constrain Iran's program and keep pressure on the regime while we pursue a new, stronger deal", it said.



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