Sanctions against Iran to go back into effect

05 November, 2018, 23:33 | Author: Shannon Aguilar
  • Open to new deal with Iran: Trump

Another signatory to the nuclear deal, China, has said it regrets the the re-imposition of sanctions and that its lawful trade with Iran should be respected.

They have promised to support European firms that do "legitimate business" with Iran and have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing U.S. penalties.

The United States is reimposing punitive measures targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran.

Eight countries who have significantly curtailed their imports of Iranian oil have been granted temporary waivers to allow them to continue importing Iranian oil after the penalties take effect.

Iraq is not only next to Iran, it is economically and culturally so intertwined with Iran that it is not obvious if Iraq would have the capacity to break away completely from Iranian oil. "There are real pressures in play and Iran is certainly going to be feeling those pressures", he said. Of course, there is no need to voice publicly your plans.

Iran is already in the grip of an economic crisis.

He also said Iranian oil exports had dropped by almost one million barrels a day, choking the main source of funding for the country.

Iran exported the equivalent of 2.5 million barrels a day in April, before the announcement of sanctions turned buyers away.

Mnuchin particularly spoke to SWIFT, an global financial transactions messaging system. "Increasing the cost of financial operations creates a number of difficulties for Iranian companies", the expert explained. "We are prepared to resist any pressure", Rouhani said.

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Iran's already-anemic economy is likely to suffer more under the fresh USA embargo, though politicians and protesters struck a defiant tone.

Iran's economy has been hit hard, with the country's currency, the rial, plummeting in value, leading to some street protests in Iranian cities. Caline Malek reports here for Arab News from Dubai on the reimposition of sanctions.

According to The Guardian however, "inside Iran. people are on tenterhooks".

Other countries exempted from the sanctions are Iran's top oil customers, China and India, as well as Japan and Turkey.

There have also been concerns about the price and supply of oil globally, meaning that without some Iranian oil the price might increase too fast - the price already having been much higher in recent months.

On Friday, the Trump administration announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored after President Donald Trump withdrew the USA from the 2015 nuclear agreement in May.

Speaking in a meeting with the deputies and managers of the Ministry of Economic Affairs and Finance on Monday, Iranian President Hassan Rouhani said while in NY for the UN General Assembly session, leaders of four major countries approached him to offer to mediate on his meeting with US President Donald Trump.

You're reimposing, as we said, all USA sanctions on Iran, but you're giving exemptions to eight countries to allow them to keep buying oil from Tehran.

The views and opinions expressed by the speakers do not necessarily reflect those of Sputnik.

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