Trump administration officially restores Iran sanctions

Adjust Comment Print

India's oil minister Dharmendra Pradhan confirmed on Saturday that the country, Iran's top oil client after China, had won a waiver from the USA sanctions after a "forceful campaign" by prime minister Narendra Modi.

This year, people have taken part in the rallies ever more enthusiastically to condemn Washington's anti-Iran policies as the USA government has chose to re-impose what it calls crippling sanctions on Tehran on November 5.

Turkey is among eight nations granted temporary waivers from sanctions the USA reimposed Monday on Iran's oil sector.

The exemptions were granted with the understanding that the countries will seek to reduce their imports to zero.

The barrel of WTI fell further on Monday after the Iranian President Rouhani said that Iran said it would ignore Washington and continue to sell.

Pompeo also warned Tehran that it can "either do a 180-degree-turn, or it can see its economy crumble".

There are a lot of experts, Chris, that said President Trump's policy wouldn't have any impact because it was just the United States, and other countries weren't participating.

Rouhani also compared Trump to former Iraqi dictator Saddam Hussein during the 1980s Iran-Iraq war.

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 United States penalties.

"The European Union does not approve of it", European Economic Affairs Commissioner Pierre Moscovici told franceinfo radio, hours after the sanctions came into force.

According to a report by the US State Department, since 2012, Iran has spent $16bn on proxy groups in the region as well as support for Syrian President Bashar al-Assad.

Meanwhile in Israel Defence Minister Avigdor Lieberman called sanctions the "change the Middle East has been waiting for".

Wallace then asked Pompeo if it's true that the Trump administration will be giving exemptions to China and India, and if so, does the White House "have a firm commitment that within six months, they will stop all oil purchases?"

"They know very well that their economic problems are caused by the Iranian regime and not the United States", Mr Hook said in a conference call with reporters. But he insisted that Iran still can rely on its allies China and Russian Federation to keep its oil and banking sectors afloat. "America has been defeated by the Islamic Republic over the past 40 years".

European powers which continue to back the nuclear deal said they opposed the reapplication of sanctions and major oil buyer China said it regretted the move.

The sanctions, applied on Monday, reimpose financial penalties lifted under the 2015 Joint Comprehensive Plan of Action (JCPOA), which promised Iran some sanctions relief in exchange for a halt to its nuclear weapons program. This round specifically targets over 700 Iranian entities and assets including: 50 Iranian banks, Iran Air, as well as numerous people and vessels in the country's shipping sector.

What is the Iran nuclear deal?

His decision was widely criticized overseas and by Democrats at home, who said that while imperfect, the pact had placed the Iranian nuclear program under the tightest scrutiny ever.