United States sanctions target Iran's oil exports, shipping and banks

Cornelia Mascio
Novembre 7, 2018

The sanctions are far-reaching, but eight countries have been granted temporary waivers to buy Iranian oil, including China and India.

As sanctions returned on Monday, Iran struck a defiant tone, with President Hassan Rouhani saying in a televised speech "I announce that we will proudly bypass your illegal, unjust sanctions because it's against global regulations".

"President Trump's predecessors also began crafting their Iran policy with similar bravado; but came around to accepting and respecting the reality of Iran as they became more experienced in office". "We clearly expressed our stance about the USA sanctions".

Lord Lamont said a major concern was whether humanitarian supplies could reach the Iranian people, despite the U.S. saying these would be allowed.

With Russia, China and key European allies all saying they remain committed to the 2015 nuclear deal, it remains to be seen whether the USA penalties force them to comply or drive their companies away from Iran.

The US wants to shut down Iran's crude oil exports with the embargo.

The U.S.is moving to hit Iran economically with what U.S. Treasury Secretary Steven Mnuchin calls a "maximum pressure" campaign against the country's energy and banking sectors.

But as the administration seeks to cut off Iran's oil revenue it will allow some of its closest allies and rival China to continue to purchase Iranian oil as long as they work to reduce imports to zero. So far this year, the United States has sent 873,420 tonnes of soybeans to Iran, according to Bloomberg. He spoke to a conference of economists, who he said were at the "forefront of the resistance" against the United States.

He said: "Unfair sanctions are against the law, United Nations resolutions and worldwide accords".

Meanwhile, the Democratic Party leadership criticised Trump for giving exemptions to some of the major Iranian oil importers.

U.S. West Texas Intermediate (WTI) crude futures were at $62.90 a barrel at 0653 GMT, down 20 cents, or 0.3 percent, from their last settlement. "This is not about hurting the people of Iran, but we will not let money be diverted to humanitarian purposes and then put for terrorist activities".

In September this year, during the Indo-US 2+2 dialogue, the US had told the Indian side that it was not in Washington's interest to damage the Indian economy.

"We have the toughest sanctions ever imposed but on oil we want to go a little bit slower because I don't want to drive the oil prices in the world", Trump told reporters on November 6. Iranian army Gen. Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard were taking part in the exercise.

Iran is already facing an economic crisis.

Alamolhoda, an influential figure on the government's Assembly of Experts, told his followers that Iran would launch a missile attack against "all Persian Gulf countries" in the event its oil markets are curtailed.

The Iranians are very anxious by the destructive ramifications of the new sanctions. "We must resist and win", he said. "I don't support this policy, but if you are going down this path, it's a way to lessen the risk of economic blowback in America".

All of the other signatories, China, the European Union, France, Germany, Iran, Russia and the United Kingdom, have remained in the deal despite U.S. action.

There was no immediate statement from the Ministry of External Affairs but sources in New Delhi said this was the result of hectic negotiations over the last six months with USA officials.

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