Tuesday, 13 November, 2018

Trump says he wants to go slower on sanctions for Iran's oil

New U.S. Sanctions Against Iran Go Into Effect US Reimposes Sanctions on Iran's Oil, Financial Sectors
Priscilla Morrison | 07 November, 2018, 00:01

Jahangiri said he had spoken to a handful of managers from companies on the us sanctions list, and that some had already formulated plans on how to deal with the measures.

India, the world's third-biggest oil consumer, meets more than 80 percent of its oil needs through imports.

During the dialogue, the Indian side had "frankly" put across their position on oil imports from Iran. I could get the Iran oil down to zero immediately but it would cause a shock to the market. In July and August, oil purchases from Iran totaled to 867.3 million tons and 674.3 million tons.

Iranian officials, meanwhile, reported a cyberattack targeting the country's communication infrastructure, blaming the purported attack on Israel.

Some European countries may also receive exemptions. However, geographical proximity and stable transport routes facilitate oil trade between Ankara and Tehran.

Benjamin Netanyahu said Monday at parliament that the Trump administration's decision to restore sanctions was already having an effect. "Therefore, we will proudly break the sanctions".

Telecommunication Minister Mohammad Javad Azeri Jahromi and his deputy, Hamid Fatahi, both tweeted about the attack on Monday - the same day US sanctions on the country once lifted by the nuclear deal resumed.

While in a dramatic escalation of rhetoric, the Iranian President said the country now faces a "war situation".

Iran's economy has faced stagnant growth and high unemployment, even after sanctions were lifted following the nuclear deal it negotiated with world powers.

Pompeo said that more than 20 nations have already reduced oil imports from Iran and that exports have dropped by a million barrels a day.

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The U.S. has said the European Union, as a bloc, would not be granted a waiver.

The sweeping U.S. sanctions will be debilitating to the government's day-to-day running of the country.

Israel has been a fierce opponent of the 2015 Iran nuclear deal from which the US withdrew this year, saying the deal didn't rein in Iran's regional military activities. He also announced that he would reinstate sanctions against Tehran, which were lifted by the agreement in exchange for tight restrictions on the country's nuclear program.

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

President Donald Trump removed the USA from the 2015 Iran nuclear deal earlier this year, triggering the sanctions being imposed Monday. "We are watching the Iranian regime with laser focus". "They are hoping the Trump administration is a one-term presidency and they can survive this out". "It enables the United States and our partners to reduce the proliferation risks at Arak, maintain safe oversight of operations at Bushehr, limit Iran's stockpile of enriched uranium, and prevent the regime from reconstituting sites such as Fordow for proliferation-sensitive purposes".

With President Trump finally pulling the trigger on tough economic and financial sanctions, Iran is gearing up to revive a black-market oil export operation that kept the regime afloat the last time Washington engineered an global embargo on Iranian crude.

The Brussels-based Swift network for making worldwide payments has confirmed it will cut off links with some Iranian banks, isolating Iran from the global financial system.

"Cooperation has its own limits and frames - on the JCPOA we have been cooperating and we have been abiding with the regulations, but Iran can not have both sanctions and cooperation together".

In 2013, USA officials broke up one of their highest-profile sanctions evasions by targeting Sambouk Shipping FZC, a UAE-based company that Washington accused of having ties to a Greek businessman under sanction on suspicions that he operated a clandestine shipping network for Tehran.

The network connects 11,000 banks and financial institutions in 200 countries and territories, while priding itself on taking a neutral political stance.

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