Turkey exempt from United States sanctions on Iranian oil

Arturo Kim
November 4, 2018

Earlier in an interview with the Sean Hannity Show, US Secretary of State Mike Pompeo alleged that Iran was the world's largest state sponsor of terror. Pompeo said eight nations will receive "temporary allotments" from the sanctions due to their ongoing cooperation with the United States.

Mr Pompeo said: "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country".

Along with the sanctions that will be reimposed on Monday, US President Donald Trump on Friday reimposed a second set of penalties on Iran that were withdrawn under the 2015 nuclear deal. "We now have in place the toughest ever sanctions on a corrupt regime in Iran", Trump told his supporters at an election rally in West Virginia.

Thousands of other protesters pressed around the compound, responding to a call by the country's new leader, Ayatollah Khomeini, to attack U.S. and Israeli interests.

Mnuchin said today that SWIFT "would be subject to USA sanctions if it provides financial messaging services to certain designated Iranian financial institutions" and that the U.S.

The United States' European allies expressed regret at the Trump administration actions, and resolved to try to keep the deal if Iran continues to comply.

As the world waits to hear Trump's additional comments on sanctions, we have no doubt that some major memes in response to his tone-deaf tweet are coming. "It's why we have and will maintain many humanitarian exemptions to our sanctions, including food, agriculture commodities, medicine and medical devices", he said.

Pompeo brushed off European Union efforts to keep the Iran nuclear deal alive, noting "there has been an enormous departure of European businesses" since the USA announced it would withdraw from the 2015 agreement. In a joint statement from the European Union high representative and foreign ministers of France, Germany, and they United Kingdom, they say they "deeply regret the further re-imposition of sanctions by the U.S". So India, Iran and Afghanistan can jointly partner in the region to deal with the problem in which the U.S. is stuck.

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Front-month Brent crude oil futures were at $77.15 a barrel at 0644 GMT, down 19 cents, or 0.3 percent, from their last close. About 9.4 percent of the total 220.4 million tonnes of crude exported by India in 2017 and 2018 was from Iran.

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President Donald Trump as it led to a steep rally in oil prices, including the cost of gasoline, ahead of U.S. mid-term elections. Iran said on Friday the report on waivers showed that the market needed the country's crude.

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As parties to the JCPOA, we have committed to work on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran's export of oil and gas. Demonstrations also were held in other Iranian cities, The Associated Press reported.

The measures will take effect from Monday and cover Iran's shipping, financial and energy sectors.

Iranian officials are betting on the unstable market conditions to beat U.S. sanctions.

The 2015 deal, one of former President Barack Obama's biggest diplomatic achievements, gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program, which many believed it was using to develop atomic weapons.

However, ordinary Iranians fear an even more painful squeeze on living costs, from businesses struggling to buy raw materials to the sick and elderly unable to afford life-saving medicines.

Turkey imports nearly almost half of its oil from neighbouring Iran.

The three biggest European powers are co-signatories, along with Russian Federation and China, to an global 2015 deal with Iran that reined in its nuclear work in exchange for the lifting of most worldwide sanctions on Tehran.

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