UK's May and Trump agree talks needed over Iranian sanctions

Pauline Gross
May 14, 2018

It said in a statement that they underlined their aim of preserving the Iran deal after the U.S.'s withdrawal, and that both expressed concern about recent developments in the region.

"The Iranian regime and its Central Bank have abused access to entities in the UAE to acquire US dollars to fund the IRGC-QF's 'malign activities, ' including to fund and arm its regional proxy groups, by concealing the objective for which the USA dollars were acquired", Treasury Secretary Steven Mnuchin said. Iran should not possess a nuclear weapon and we must do more to deter them, including full inspections at Iran's military and nuclear-related facilities and curbs on Iran's ballistic missile program, as well as strong sanctions for Iran's sponsorship of terrorism.

"It's the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Arabia to bring more oil onto the market", said John Kilduff, partner at Again Capital in NY. Prices have gained over 8% over the past month and 15% since the beginning of the year.

But German Chancellor Angela Merkel says the US withdrawal from the Iran accord isn't a reason to dump decades of transatlantic ties altogether. It is a particularly sensitive time for South Korea, which is deeply concerned with avoiding any friction with Washington in the midst of ongoing negotiations with North Korea. "Iranian is not the only crude".

A Barclay's Bank report indicates that Iran's oil supplies could be hit by up to 600,000 barrels a day, which is about one third of its exports in 2016.

President Trump's unilateral withdrawal from the Iran nuclear deal may have major consequences for Indian Prime Minister Narendra Modi.

Sources at global trading companies predicted an imminent drop in Iranian exports due to banking issues, such as availability of trade finance.

But the USA ambassador in Berlin, Richard Grenell, said firms should question the morality of doing business with Iran. It is not unusual for the Trump administration to disregard global accords and disapprove achievements made by Obama. India imported $10.5 billion worth of goods, mainly crude oil, and exported commodities worth $2.4 billion. This price rise is the highest that crude oil has risen since 2014. He also announced that the US recognizes Jerusalem as Israel's capital and would shift its embassy in Israel to the city apparently because he sought to realign the Middle Eastern order with these two countries as its core. If the USA punishes European companies for doing business with Iran, foreign companies will likely walk away from Iran.

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Investors are anxious that renewed sanctions on Iran, a major oil producer, could lead to supply disruptions.

Since 2015, Cramer has supported multiple bills to enact sanctions, while also speaking out on Iran's diplomatic failures.

It could be argued that United States shale oil production is booming and that it could cover the loss of supplies from global imports.

However, some legislators while condemning Trump's move believe that the efforts made by the Iranian nuclear negotiating team which led to the conclusion of the JCPOA should not go to waste.

The other key actor to watch is Saudi Arabia. He announced that the US will not hesitate to impose sanctions on any nation that helps Iran's interests. "Iran's enemies can not be trusted".

Saudi Arabia, on the other hand, could.

Unlike 2012, the United States is entering these sanctions alone, and this means that it has less control over their efficacy.

"Trump's decision will not have any impact on our oil export", minister Zanganeh is quoted as saying on Iranian state television.

Other reports by GizPress

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