Thursday, 13 December, 2018

United States sanctions on Iran oil officially begins

Iran's Khamenei claims Trump has ‘disgraced’ US prestige as renewed sanctions set to enter force Ayatollah Ali Khamenei
Priscilla Morrison | 05 November, 2018, 12:08

A defiant Khamenei dismissed the renewed United States sanctions - including an oil embargo - that take effect on Monday.

The secretary of state dismissed suggestions from experts, cited by the Fox New interviewer, that India and China will never stop buying oil from Iran.

India and China are among them, according to officials, but an announcement is expected on Monday.

But oil imports from Iran had started declining in FY18 to 22.6 million tonnes from 27.2 million tonnes in FY17. This could continue even in FY19.

Thousands of other protesters pressed around the compound, responding to a call by the country's new leader, Ayatollah Khomeini, to attack USA and Israeli interests.

Washington has indicated that it will increase its pressure on Iran gradually rather than forcing an immediate crisis as President Trump's renewed oil and financial sanctions take effect tomorrow.

Iranian leaders and particularly IRGC officials often make threatening remarks about the US and its allies in the region.

"Constantly they are sending us messages saying 'Let's sit and negotiate.' Negotiations for what?" said Rouhani.

More news: Canada Post workers in Kitchener and Waterloo walk off job

Mr Pompeo said the countries had already made "significant reductions in their crude oil exports" but needed "a little bit more time to get to zero".

The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income. Thus terms of contracts would become important, they add.

More than 700 individuals, entities, vessels and aircraft were now on the sanctions list, including major banks, oil exporters and shipping companies. But New Delhi is keen to continue buying oil from its traditional ally.

Tehran -Iran´s annual rally to mark the storming of the USA embassy and hostage-taking of 1979 had particular significance on Sunday on the eve of renewed sanctions by Washington.

Iranian state media said millions turned out in towns and cities, swearing allegiance to the Supreme Leader Ayatollah Ali Khamenei, although the BBC was unable to independently verify this figure. Also, the earlier practice of routing money for oil through UCO Bank and IDBI Bank may be explored.

The move is "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world", Secretary of State Mike Pompeo said last week. "We will have to wait and see how the Iranians try to manage the situation in government, but it's not going to be easy as the situation will worsen by the day".

These sanctions have already had an enormous impact.

Secretary Pompeo noted in his statement today that the SREs were being granted to the eight jurisdictions (to be named November 5) "only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves towards getting to zero crude oil importation".

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