Turkey among 8 nations given Iran sanctions waivers

As the Trump administration restored all sanctions lifted under the nuclear deal demonstrators attended a rally in front

New U.S. Sanctions Against Iran Go Into Effect

On Sunday, U.S. Secretary of State Mike Pompeo said that the waivers were granted to give some countries with time to wind down their purchases of Iranian oil to zero.

In response, Iranian President Hassan Rohani said in speech broadcast on state TV on November 5 that Iran will break USA sanctions and continue to sell oil.

Iran's economy was already suffering major structural problems - including widespread corruption, weak investment and a banking sector laden with toxic assets - before Trump walked out of the deal.

In a gaffe which drew immediate ridicule, the USA sanctions targeted the oil tanker Sanchi that sank off the coast of China in January and Tat Bank, which was dissolved in 2012.

The reimposed sanctions will also target Iran's central bank and the country's shipping and shipbuilding sectors.

The ministry's spokesman, Baharam Ghasemi said the sanctions would backfire and work against the U.S. and that "many countries from Europe to Russian Federation and China have opposed the sanctions".

"This oversight enhances our ability to constrain Iran's program and keep pressure on the regime while we pursue a new, stronger deal", it said. "Right now they just want to survive".

The Russian envoy said he has traveled to Iran on Putin's orders for a twin mission: to give a report on a recent 4-party meeting of Russia, Turkey, Germany and France on the situation in Syria that was held in Istanbul, and to voice Moscow's unequivocal support for Iran against the fresh round of United States sanctions ...

The United States again restricted Iran's oil and financial industry on Monday.

Rouhani did not mention the name of the leaders of the four countries.

South Korea, the world's fifth-biggest crude oil buyer, mainly imports an ultralight form of crude oil, condensate, from Iran, which accounts for 74 percent of its oil purchases from that country. "Yesterday, Saddam was in front us, today Trump is front of us".

"The downside risks to this policy are manifold - it could cause Iran to restart its nuclear enrichment efforts, bringing us closer to a military confrontation", he said.

The move intensifies a campaign by Trump to force Iran to further limit its nuclear work and halt a missile program, as well as end its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

The US says the sanctions, which US Secretary of Pompeo billed as the "toughest sanctions ever", are aimed at persuading Iran to "alter" its behavior, including its support for regional terrorist groups like the Hezbollah and its development of long-range ballistic missiles.

In September this year, during the Indo-US 2+2 dialogue, the US had told the Indian side that it was not in Washington's interest to damage the Indian economy.

"We continue negotiations to get all of the nations to zero", he said.

"Sagging refining margins at a time of weak crude prices sends a very telling message to us that demand is underperforming", he said. Iran is already in the grip of an economic crisis.

Mr Pompeo said more than 100 worldwide companies had withdrawn from Iran because of the looming sanctions.

The Schork Report Editor Stephen Schork on the outlook for oil.

Oil slid from a four-year high last month as speculation grew that Washington would grant the waivers to lower gasoline prices ahead of the USA mid-term elections, while other producers in the Organization of Petroleum Exporting Countries (OPEC) pledged to offset any supply gaps.

"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.

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