Sanctions cover 50 banks, 200 persons, vessels and Iran Air

07 November, 2018, 00:01 | Author: Regina Silva
  • The renewal of sanctions on the Islamic republic comes at a time of major supply disruptions in several producer nations and as US President Donald Trump aims to prevent an oil price hike

"It can either do an 180-degree turn ... and act like a normal country, or it can see its economy crumble".

Seeking to deflect criticism from some Iran hawks concerned that the sanctions don't go far enough, Pompeo stressed that USA pressure on countries to stop buying Iranian oil had already reduced its exports by more than a million barrels of crude per day costing the country $2.5 billion revenue. "We're not simply going to be content with the level of sanctions that existed under [former USA president Barack] Obama in 2015", Bolton said in an interview with the cable channel. But there are doubts about how successful this will be.

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Rouhani said the European Union has stood against the US violation of the nuclear agreement which is a "success of diplomacy" for Iran.

Israel's defense minister is welcoming newly restored USA sanctions against Iran, saying they will deal a "critical blow" to Iran's military presence around the Middle East.

The remaining members believe the agreement is working as intended and is keeping Iran from obtaining nuclear weapons for now.

Iranian leaders said Monday that the pressure campaign won't work. "[Iran] wanted to take over the whole Middle East".

However, Iran's oil minister wrote to OPEC's secretary general calling for two committees that monitor an output deal with non-OPEC countries to be scrapped, accusing them of siding with the United States.

Israel's prime minister is lauding the newly restored US sanctions against Iran as "historic", saying they will "strangle" what he described as Iranian state-sponsored terrorism.

Iran supports several Shiite militias formed to fight against the Islamic State.

Some of these groups, such as Lebanon's Hezbollah, have carried out devastating attacks, including on a military barracks in Beirut in 1983, which killed 241 United States service personnel and 58 French paratroopers. Iran denied being behind that attack.

During the dialogue, the Indian side had "frankly" put across their position on oil imports from Iran.

Oil markets have been preparing for the sanctions for months.

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What could the sanctions' impact be?

"(We explained to the United States that) if South Korean firms are hit due to the sanctions against Iran, it would pose a problem to the nation's economy", said an official from the Foreign Ministry on condition of anonymity.

Rohani also vowed that Iran will "proudly bypass" US sanctions to sell oil.

The Belgium-based SWIFT financial messaging service said on Monday it is suspending some unspecified Iranian banks' access to its messaging system in the interest of the stability and integrity of the global financial system.

China, Greece, India, Italy, Japan, South Korea and Taiwan were also granted exemptions that will allow them to continue importing Iranian crude oil.

This is significant as China and India are among Iran's largest trading partners.

While in a dramatic escalation of rhetoric, the Iranian President said the country now faces a "war situation". Taking on the running of the country under these conditions could be a poisoned chalice for him and for the hardliners he supports.

"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.

This is where the new Iran sanctions collide with separate global tensions, over trade.

"It is about Europe also: we all know what they think about Europe, even about their allies".

US National Security Advisor John Bolton claimed that the nuclear deal with Iran failed to "permanently block all paths to an Iranian nuclear bomb".

At least one staunch U.S. ally in the Middle East welcomed the move, however.

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