USA to exempt Japan from Iran oil sanctions

Ivan Schwartz
November 4, 2018

The creators of Game Of Thrones have issues a warning to President Donald Trump after he used HBO imagery to announce sanctions on Iran.

President Donald Trump withdrew from the nuclear deal, formally known as the Joint Comprehensive Plan of Action, earlier this year.

Under the 2015 deal, most of the global financial and economic sanctions on Iran were lifted in return for Tehran curbing its disputed nuclear activity under United Nations surveillance.

TankerTrackers says there are now six vessels, with a total of 11 million barrels of capacity, parked offshore as floating storage containers - freeing up port capacity and allowing for quick deliveries.

They said they deeply regretted the re-imposition of U.S. sanctions and were committed to the "preservation and maintenance of effective financial channels with Iran, and the continuation of Iran's export of oil and gas". Major OPEC producers won't be able to add more supply should it become necessary, particularly with production in Iran, Venezuela and Libya still at risk.

Central bank officials said in August that Iraq's economy is so closely linked to Iran that Baghdad would ask Washington for permission to ignore some U.S. sanctions.

"Instead", he said, "they are blowing up an agreement that supports US interests and the aspirations of the Iranian people while planting the seeds for a disastrous war".

Thousands of Iranian students have been chanting "death to America" at government organised rallies on the eve of new sanctions.

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The structure of the US crude futures curve had for several months indicated expectations for tighter supply, but future-dated contracts now suggest investors think markets could be awash in oil over the coming months.

"Unlike in prior administrations, we will ensure that the money is not spent on illicit activities, that there isn't any leakage in these escrow accounts, and we will work closely with countries to encourage the sale and purchase of humanitarian goods to benefit the Iranian people".

The measures will take effect from Monday and cover Iran's shipping, financial and energy sectors. "America has been defeated by the Islamic Republic over the past 40 years", he said. These countries were reported to include USA allies Japan, India, South Korea, Italy and Turkey.

Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors.

USA oil futures climbed to a four-year high near US$77 a barrel last month on growing concerns there could be a shortage as sanctions bite deeper.

The US on Friday granted an exemption to eight countries including India to continue buying oil from Iran.

Such is the dominance of the USA in global trade, that even the announcement of the renewed sanctions has been enough to trigger a wave of worldwide companies pulling their investments out of Iran, and its crude oil exports have been falling. The Europeans have mounted a drive to save the agreement without the US, fearing that the new sanctions will drive Iran to pull out and resume all of its nuclear work.

Iran can then use the payment as credit to buy goods from other countries in the European Union through the SPV.

Other reports by GizPress

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