Published: Wed, November 07, 2018
Global Media | By Garry Long

Oil Up as US Imposes Sanctions on Iran

Oil Up as US Imposes Sanctions on Iran

The accord provided Iran with billions of dollars in relief from global sanctions in exchange for sweeping curbs on and inspections of its nuclear program.

As part of the new round of measures, the White House has warned Iran's customers they must reduce their purchases of oil to zero or face US penalties, although it has issued 180-day waivers to eight "jurisdictions" that will allow them to continue importing Iranian oil.

Pompeo listed eight places that will enjoy temporary waivers from a ban on all oil transactions with Iran: China, Taiwan, India, Italy, Greece, Japan, South Korea and Turkey.

The US Secretary of State, Mike Pompeo, said: "I promise you that doing business in Iran in defiance of our sanctions will ultimately be a much more painful business decision than pulling out of Iran".

Trump's moves target Iran's main source of revenue - its oil exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off limits to foreign banks on pain of losing access to the USA financial system. Iranian oil: One reason is that the latest round of sanctions aren't as harsh as the market expected.

"Our ultimate goal is to convince the regime to abandon its current revolutionary course", Pompeo said announcing the sanctions on Monday.

China's waiver, like the others, is not a pass to purchase Iranian crude oil indefinitely.

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Tehran vowed to defy the economic war while Iranian clerical rulers have dismissed concerns about the impact on the economy.

All of the other signatories have argued the agreement is the best way to ensure Iran does not develop nuclear weapons, and Iranian officials have pledged to remain a party as long as the other non-U.S. parties continue observing it.

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

Americans cast votes on Tuesday to decide whether Donald Trump's Republicans maintain their grip on the US Congress, or if.

Those sanctions also include 50 Iranian banks and subsidiaries, more than 200 people and vessels in its shipping sector, and Tehran's national airline, Iran Air, and more than 65 of its aircraft, according to a US Treasury statement.

The worldwide activities at Bushehr, Iran's only nuclear power station, as well as the Fordow enrichment plant and the Arak heavy water reactor will be allowed "to continue under the strictest scrutiny to ensure transparency and maintain constraints on Iran", the State 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 U.S. sanctions and into which we will have limited visibility".

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