Iran Has Plans to Counter New US Sanctions, VP Says
Iran Has Plans to Counter New US Sanctions, VP Says
Saudi oil output capacity may be close to maxing out Saudi oil output capacity may be close to maxing out
07 November, 2018, 06:35
The move will restore United Statessanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and add 300 new designations in Iran'soil, shipping, insurance and banking sectors. "The US-& not Iran-is isolated".
President Donald Trump pulled out of the deal, called the Joint Comprehensive Plan of Action, in May, and Monday was the deadline to reimpose its sanctions.
Oil prices in October rallied above $85 per barrel on fears of a steep decline in Iranian exports. Many of these companies initially were targeted by sanctions under President Barack Obama, but the restrictions were subsequently lifted when the USA struck a deal with Iran in 2015 over its nuclear ambitions.
On Monday, the USA restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action to stop what Washington calls its "outlaw" policies, steps Tehran calls economic warfare and vowed to defy. It exported nearly three million barrels of crude oil per day on an average.
The move brings the total of Iranian-related targets sanctioned under the Trump administration to 900 in less than two years and represents a significant escalation of Washington's efforts to place economic pressure on the Iranian regime.
The designated targets include 50 Iranian banks and their subsidiaries, over 200 persons and vessels in Iran's shipping and energy sectors, one Iranian airline and more than 65 of its aircraft, according to the statement.
On Monday, Pompeo said over 20 importing nations have zeroed out their imports of crude oil already, taking more than 1 million barrels of crude per day off the market.
Tehran has claimed a diplomatic victory against the UnitedStates with Europe still pressing hard to salvage the 2015 nuclear deal and taking steps to establish a payments channel to bypass the sanctions.
Oil prices witnessed a slight and expected fluctuation on Monday as sanctions on Iran's fuel exports were eased as as they went into effect, allowing major buyers to continue importing Iranian oil at least temporarily.
He also noted that the United States has only been isolating itself more and more from the rest of the world by imposing sanctions on Iran.
Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.
This could mean European and other banks and businesses face secondary sanctions if Washington deems them in breach of sanctions, and USA officials have been pressing SWIFT to act.
The company's spokeswoman has also commented on the conditions for the oil imports payments introduced by Washington for the eight countries, under which they will be required to deposit Tehran's revenues from oil trade in an escrow account.
Iranian Ambassador Gholamali Khoshroo said in a letter to UN Secretary-General Antonio Guterres that the "irresponsible conduct of the United States necessitates a collective response to uphold the rule of law". China's foreign ministry expressed regret at the USA move.
"Allowing these activities to continue for the time being will improve ongoing oversight of Iran's civil nuclear program", Pompeo said, "and make these facilities less susceptible to illicit and illegal nuclear uses".
The US has granted exceptions to eight countries including big consumers like India and China, which means Iranian oil will keep flowing.
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