Trump Announces Return of U.S. Sanctions on Iran

Nov 03, 2018, 00:34
Trump Announces Return of U.S. Sanctions on Iran

However, a source close to the project say executives at Zarubezhneft have scrapped the deal ahead as further U.S. sanctions are about to come into force against Iran, according to Reuters.

Secretary of State Mike Pompeo and Treasury Secretary Stephen Mnuchin made the announcement Friday.

India will buy 9 million barrels, or about 1.3 million tonnes, of Iranian oil in November, two industry sources told Reuters, indicating the world's third-biggest oil importer will continue purchasing crude from the Islamic Republic.

Turkey has been told it will temporarily be allowed to keep buying Iranian oil, its energy minister told reporters, as has Iraq, as long as it does not pay Iran in US dollars, three Iraqi officials said. Under U.S. law, exceptions can be granted for up to 180 days. It's the second batch of penalties that the administration has reimposed since President Donald Trump withdrew from the landmark deal in May. He declined to name the targeted institutions.

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Shortly before Trump posted the tweet, the White House's official account explained the context, writing: 'President @realDonaldTrump is reimposing all sanctions lifted under the unacceptable Iran deal.

"These sanctions hit at core areas of Iran's economy, they are necessary to spur changes we seek on the part of the regime", said Secretary Pompeo.

USA secretary of state Mike Pompeo today imposed penalties against more than 700 businesses, individuals and other entities involved in Iran's oil, banking, shipping, shipbuilding and insurance sectors. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.

The European Union, France, Germany and Britain, parties to the nuclear agreement who are trying to keep it alive, said they regretted Washington's decision to reimpose sanctions.

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However, firms in these countries have backtracked on early agreements to develop Iran because the U.S. has threatened to impose sanctions on firms trading with the Islamic state.

Sources last month told news agency Reuters that India was hopeful of receiving a waiver from U.S. sanctions as the country had substantially reduced its oil purchases from Tehran.

The country's refiners imported around 10 million barrels, or about 1.4 million tonnes, of Iranian crude in October.

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