U.S. grants temporary Iran oil waivers to eight countries

07 November, 2018, 06:35 | Author: Shannon Aguilar
  • New U.S. Sanctions Against Iran Go Into Effect

Aside from restrictions on oil imports, the administration added more than 700 names - including individuals, entities, vessels and aircraft linked to the energy and financial sectors and other segments of Iran's economy - to the USA list of sanctioned entities.

"The Iranian regime has a choice: it can either do a 180-degree turn from its outlaw course of action and act like a normal country, or it can see its economy crumble", U.S. Secretary of State Mike Pompeo told reporters. We're going to do everything we can to squeeze Iran hard.

In May, President Donald Trump announced that the U.S. would withdraw from the agreement.

Iran's exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil that when underground tends to exist as gas.

"As a reflection of that resolve, today we're re-imposing all sanctions that were previously lifted under the nuclear deal".

Iranian President Hassan Rohani said on Iranian television Monday that his country would try to continue to sell oil to break the us sanctions.

Trump promised not only to return the previous sanctions, but also to introduce new ones, and in this connection, the State Department announced Washington's intention to reduce to zero Iran's revenues from oil exports.

A new package of sanctions affect oil exports, worldwide transportation and banking sector.

He further pointed to his Monday night phone calls to the managers of the companies mentioned in the list and said they made assurances that the problems that would be created by the new embargoes are "resolvable".

Tehran has claimed a diplomatic victory against the U.S. with Europe still pressing hard to salvage the 2015 nuclear deal and taking steps to establish a payments channel to bypass the sanctions.

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He also noted that the USA has only been isolating itself more and more from the rest of the world by imposing sanctions on Iran.

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

"Any financial institution, company, or individual who evades our sanctions risks losing access to the U.S. financial system and the ability to do business with the United States or USA companies", Mnuchin said.

Monday's sanctions target more than 700 entities in Iran, focusing on the energy and finance sectors of the oil-producing regime.

Japan had sought a waiver during negotiations with the USA, saying that its imports of Iranian oil had been falling recently.

The head of Iran's Central Bank, Abdolnassr Hemmati, said the country has taken necessary banking measures to continue trade after the US move, Iranian state TV said.

Japan said it was in close communication with the United States.

Since there are banking restrictions in place for trading with Iran, nations sourcing oil from the country like India are expected to pay in their local currencies in an account in the national bank of the importing country. Major oil buyer China said it regretted the move.

"Allowing these activities to continue for the time being will improve ongoing oversight of Iran's civil nuclear program", Pompeo said, "and make these facilities less susceptible to illicit and illegal nuclear uses". The U.S., Britain, China, France, Russia and Germany signed that agreement, along with Iran.

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