Iran announces plan to circumvent U.S. oil sanctions
Iran announces plan to circumvent U.S. oil sanctions
03 July, 2018, 02:11
Since President Donald Trump withdrew the USA from the Iran deal, his administration has been pushing for allies to stop importing Iranian oil before sanctions snap back into place in November.
Iran has said it will fight back against U.S. efforts to squeeze Iranian oil exports, accusing countries that fill the gap in oil markets of "a big treachery to the Iranian nation and the world community", according to Iran's First Vice President Eshagh Jahangiri.
"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.
The Trump administration is asking its global partners for a full halt to oil imports from Iran by November 4, and is hoping to reduce Tehran's crude oil sales to zero while minimising disruption to the market.
His remarks came in the light of his controversial decision earlier this year to pull America out of the Iran nuclear deal and reimpose sanctions - a move strongly opposed by Europe.
Some key countries are reliant on Iranian oil imports, including India and Turkey. One-hundred and eighty days later, on November 4, sanctions will snap back on Iran's energy sector, all oil-related transactions, and transactions with the Central Bank of Iran.
Hook's comments follow a turbulent week in the oil market that started last Tuesday when another State Department official called on buyers to stop importing Iranian crude by November 4.
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"We have been clear with countries and companies around the world that we are bringing severe economic pressure on Iran until the regime changes its destabilizing policies", Hook said.
The State Department has not released the itinerary of the visit but the delegation is expected to make stops in Riyadh and Abu Dhabi before heading to Europe in a bid to to prepare the groundwork with Gulf and transatlantic allies for reimposing sanctions on Iran.
"We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil capacity". The official spoke on the condition of anonymity under State Department ground rules.
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