Pompeo And Mnuchin Reimpose Iran Sanctions Lifted Under 2015 Nuke Deal

Rouhani: Iran does not fear new US sanctions on energy, banking sectors

Iran and the European Union announced their defiance towards U.S. President Donald Trump's administration after high-level talks at the United Nations in September.

The determination is needed under US law for Washington to impose sanctions on foreign countries that fail to significantly reduce their purchases of Iranian oil and petroleum products.

Iran began selling crude oil to private companies for export on Sunday as part of a strategy to counter the planned sanctions.

The U.S. has reportedly broadly agreed to grant India a waiver from the sanctions, after Iran's second-largest oil customer had agreed to reduce Iranian imports by a third in 2018-2019, India's The Economic Times reported on Thursday, citing sources familiar with the issue.

United States has been working with countries on case-by-case basis to see what their energy requirements are and the alternate sources that could compensate for the reduction in Iranian oil imports without costing the exchequer more money.

The U.S.is set to impose more sanctions on Iran, specifically the banking and energy sectors, which will be in effect starting Monday.




"We will continue to discuss our Iran policy with our counterparts around the world and the implications of our re-imposition of sanctions previously lifted or waivered under the JCPOA", he said. Under the Obama-era deal, involving five permanent members of the United Nations security council and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions. The report states that an estimated reduction of 1.1 million barrels a month has been managed by the pressure campaign, according to USA estimates.

Under the law, the USA president must periodically issue a "determination" on whether there is sufficient supply in the market from non-Iranian sources for countries to significantly cut their Iranian purchases.

The move is the latest round of sanctions re-imposed since President Trump announced the USA exit from the 2015 Iran nuclear deal. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.

Traders said oil was lifted along with Asian stock markets after a phone call between the US and Chinese presidents raised hopes that the trade dispute between the world's two biggest economies could be resolved.

"If you cross us, our allies or our partners, if you harm our citizens, if you continue to lie, cheat and deceive, there will be hell to pay".

That's significantly lower than the peak of 2.7 million bpd in June this year, but still stubbornly high compared to some analyst estimates that the predicted sanctions could possibly choke off close to 2 million bpd of Iran's oil exports. "The message they're sending is don't screw around with these escrow accounts and try to get cute".

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