China And India Get Waivers From US Sanctions On Iran's Oil

Arturo Kim
November 6, 2018

The U.S. president abandoned the nuclear agreement in May, accusing Iran of violating the deal.

The sanctions cover 50 Iranian banks and subsidiaries, more than 200 people and vessels in its shipping sector, and targets Tehran's national airline, Iran Air, and more than 65 of its aircraft, a US Treasury statement said.

The United States has chose to issue temporary allotments to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey to continue importing Iranian oil, due to the specific countries' circumstances and to ensure a well-supplied oil market, U.S. Secretary of State Mike Pompeo said on Monday, the day on which U.S. sanctions on Iranian oil return. They include some of Iran's top oil customers - China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.

Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it.

As NPR's Colin Dwyer reported recently, "Since May, when President Trump vowed to unilaterally pull the USA out of the Joint Comprehensive Plan of Action, his administration has telegraphed its intentions to restore the sanctions that had been lifted as part of the pact".

Fresh U.S. sanctions against Iran, labeled by President Donald Trump as the "strongest ever", have taken effect against the country's energy, shipping, shipbuilding, and financial sectors.

The measures restore all the USA sanctions that had been lifted under the accord that gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program.

Foreign Minister Javad Zarif described the reimposition of sanctions as "bullying", adding that the move was backfiring against Washington by making it more isolated even among its allies. SUBSCRIBE NOW and hit the bell to be the first in the know.

Crowds of Iranians called for "Death to Israel" and "Down to U.S." in a rally to mark the 39th anniversary of the U.S. Embassy in Tehran.

US Secretary of State Mike Pompeo said the waivers, which expire in six months, were necessary to avoid disruption of world oil markets and to give the eight countries more time to eliminate their imports. In excess of 300 entities who were blacklisted are new designations. "And we'll see what happens with Iran, but they're not doing very well, I can tell you".

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

Senior Iranian officials have dismissed concerns about the impact to its economy.

"Today, Iran is able to sell its oil and it will sell", Rouhani said on Monday as the sanctions kicked in.

"We are prepared to resist any pressure", Rouhani said.

He said he could not rule out that the USA administration would extend the waivers beyond six months.

"This is an economic war against Iran but".

"Rest assured, Iran will never come close to getting a nuclear weapon on president Trump's watch".

Students attending the government-organised rally in the capital Tehran, broadcast live by state television, burned the Stars and Stripes, an effigy of Uncle Sam and pictures of President Donald Trump outside the former embassy compound. Demonstrations also were held in other Iranian cities, The Associated Press reported.

European leaders and representatives from Russian Federation and China defended the deal and urged Trump to allow them to continue to uphold it. "We will take a look at the letter and respond accordingly", he said.

"That's why they want us to round up our missiles".

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