Published: Mon, November 05, 2018
Global Media | By Jackie Banks

U.S. Iran Sanctions Take Effect, No Word Yet On Waiver Countries

U.S. Iran Sanctions Take Effect, No Word Yet On Waiver Countries

The new sanctions will be directed toward energy, shipping, shipbuilding, and financial sectors, representing the "final round of snapback sanctions" as a result of the United States' withdrawal from the Obama-era Iran nuclear deal (formally known as the Joint Comprehensive Plan of Action, or JCPOA), they said.

Speaking in a meeting with the deputies and managers of the Ministry of Economic Affairs and Finance on Monday, Iranian President Hassan Rouhani said while in NY for the UN General Assembly session, leaders of four major countries approached him to offer to mediate on his meeting with US President Donald Trump.

The United States announced a new raft of sanctions on Iran on Monday and threatened further action to pressure its old adversary, steps the Islamic Republic condemned as "economic war" and vowed to defy.

The administration's strategy is to punish Iran so severely that it's compelled to negotiate a permanent end to its nuclear ambitions, as well as what the US calls its "malign behavior" in the Middle East.

However, analysts doubt this will materially lessen the impact of sanctions on Iran.

"This is an economic war against Iran but". America should learn that it can not use the language of force against Iran. He spoke to a conference of economists, who he said were at the "forefront of the resistance" against the United States. The unprecedented act condoned by the top leader of the Iranian revolution, ayatollah Rouhollah Khomeini led to a breakdown of diplomatic ties and decades of adversarial relations with the U.S.

While all worldwide conventions opposed and denounced what the radical students did at the start of the Iranian revolution storming the U.S. embassy in 1979, Iran's Revolutionary Guard commanders celebrated today the anniversary of the storming of the embassy in speeches coinciding with the start of the second round of USA sanctions on Sunday. "The Islamic Republic of Iran can sell its oil and will sell its oil even if the eight countries had not been exempted from the sanctions".

"We'll see what happens with Iran". As long as Iran met its obligations under the deal, Britain would be committed to it too.

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Late last week, US government officials signaled that the United States had granted waivers to eight countries to continue temporary buying Iranian oil, on the condition that they had significantly reduced purchases from Iran. "Sagging refining margins at a time of weak crude prices sends a very telling message to us that demand is underperforming", he said.

It offered Iran sanctions relief in exchange for reducing its nuclear development.

U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran.

The curbs come as the United States is focused on US congressional and gubernatorial elections on Tuesday.

Pompeo repeated that the "president's policy of maximum pressure will be fully in place" on Monday, and to simply watch Iran.

"The objective of the sanctions is to diminish the regime's capacity to threaten the region", Mr Hook said, calling them "the toughest sanctions that have ever been imposed" on Iran.

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