Saturday, 17 November, 2018

U.S. officially reimposes all sanctions lifted under 2015 Iran nuclear deal

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Andrew Cummings | 07 November, 2018, 04:16

While the administration said it has reduced Iran's daily oil exports by more than a million barrels a day, Pompeo acknowledged the usa granted eight countries waivers to continue buying Iran's oil without penalties for six more months.

Washington re-introduced sanctions against Iran on November 5, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

Late last week, US government officials signaled that the United States would be granting waivers to eight countries to continue temporarily buying Iranian oil, on the condition that they had significantly reduced purchases from Iran.

Washington gave 180-day exemptions to eight importers: China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

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 United States list of sanctioned entities.

Iran's vice president Eshaq Jahangiri said the Tehran government hopes to continue exporting oil despite the USA sanctions.

Washington has restored measures lifted under a 2015 nuclear deal negotiated with Tehran by the administration of President Barack Obama. "I promise you that doing business with Iran in defiance of our sanctions will ultimately be a much more painful business decision".

"(We explained to the U.S. 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.

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

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"This is an economic war against Iran but".

Major Japanese oil distributors have suspended Iranian oil imports since their October contracts.

The sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports. The visiting envoy also called for concreted action by the global community to stand against United States unilateralism, and denounced the use of economic and trade options for imposing a country's political will on others.

Speaking to the media, Pompeo said the objective of the sanctions is to starve the Iranians of funds which they use to sponsor violence throughout the region and around the world.

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

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

Pompeo further stated that the USA hopes "an agreement with Iran is possible", however, failure to change their ways will invite relentless pressure from the US.

"Permitting these specific activities to continue is an interim measure that preserves oversight of Iran's civil nuclear program", the department said in a statement.

Schiff said, "The Trump administration's unilateral re-imposition of these sanctions will also accelerate efforts to facilitate transactions through alternative financial channels that are not reachable by the United States sanctions and into which we will have limited visibility".

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