Trump administration reimposes some of the Iran sanctions that Obama administration relieved

Ivan Schwartz
November 7, 2018

"We have chose to issue temporary allotments to a handful countries responsive to the specific circumstances and to ensure a well supplied oil market", Pompeo said.

Iranian President Hassan Rohani said in speech broadcast on state TV on Monday that Iran would break the sanctions and continue to sell its oil. The move, which is aimed at pressuring Iran to curb its nuclear programme, brings the total number of entities facing the wrath of America to 900.

"We're going to have sanctions that even go beyond this".

The nations of South Korea, China, India, Italy, Greece, Japan, Taiwan and Turkey have been given a temporary exemption of the oil embargo to ensure the well-supplied oil market. "Today the enemy (the United States) is targeting our economy. the main target of sanctions is our people", Rouhani said.

"(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.

"We are in the economic war situation".

"We have also told the U.S. that we can not accept non-allies to the United States - such as China - benefitting from the ally's (South Korea's) sacrifice", the official said.

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The Belgium-based SWIFT financial messaging service said it is suspending some unspecified Iranian banks' access to its messaging system in the interests of the stability and integrity of the global financial system.

He said: "I think what motivates him is that this agreement was signed by President Obama and, therefore, it's bad". Iran and five world powers (Russia, the United Kingdom, China, France and Germany) plan to observe the deal.

Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.

Iran said on Monday it would break the sanctions and continue to sell oil overseas.

Iran on Monday strongly opposed US sanctions on its pillar industries, saying that the United States will not be able to stop Iran's oil exports. The more significant sanctions that will affect oil exports, are expected on 5 November. WTI saw prices of $62.89. The fear was that the sanctions deadline would have pushed oil prices sharply higher. Many should choose the United States, or have already done so.

"Enquiries for cargoes from Iran are. coming in from several Asian buyers", said one merchant trader, who declined to be named because he was not authorized to talk about his firm's commercial activity.

However, US allies in Europe have strongly disagreed with Trump's decision saying the Iranians have been complying with the nuclear agreement and said they will find ways to bypass the sanctions to allow their companies to keep doing business with Iran. "Now we can not say when and in what form the imports will be resumed, but we aim to resume them and are currently considering this issue", the spokeswoman Michiko Ono said. The Assad government now controls more territory than any other warring party in Syria, courtesy of Iran and Russian Federation.

Other reports by GizPress

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