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Iran sanctions: Rouhani defiant as U.S. re-imposes measures

05 November, 2018, 23:35 | Author: Shawna Walton
  • Open to new deal with Iran: Trump

The Iranian president said that the country will undercut Washington's plan for sanctions on its energy and banking sectors.

President Donald J. Trump signs an EO on Iran Sanctions in the Green Room at Trump National Golf Club Monday, August 6, 2018, in Bedminster Township, New Jersey.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 US Embassy takeover as Washington restores all sanctions lifted under the nuclear deal.

Secretary of State Mike Pompeo on Sunday issued a thinly veiled warning to Russian Federation and China putting both countries on notice that it will suffer the consequences if they continue to purchase Iranian oil after USA economic sanctions on such exports snap back this week.

Secretary of State Mike Pompeo argued that the new Iran sanctions - going into effect one day before the USA midterm elections - are tough enough to keep the Islamic Republic from pursuing a nuclear weapon. The other signatories to the nuclear deal have demanded that Iran accede to the FATF.

Secretary of State Mike Pompeo said the sanctions are "aimed at fundamentally altering the behavior of the Islamic Republic of Iran". "We will ultimately move Iran to zero crude oil".

Washington has also said that it wanted to stop what it calls Teheran's "malign" activities including cyber attacks, ballistic missile tests, and support for terror groups and militias in the Middle East.

Iran exported the equivalent of 2.5 million barrels a day in April, before the announcement of sanctions turned buyers away. The president did not respond to a question about the waiver.

The new American sanctions particularly hurt Iran's vital oil industry, a crucial source of hard currency for its anemic economy.

The other major oil producing countries are expected to ramp up production to try and compensate for Iran's anticipated decline in output. Watch as we've already taken more crude oil off the market than any time in previous history.

The US has been gradually re-imposing sanctions, but analysts say this latest round is by far the most significant. They are the strongest sanctions we've ever imposed. "But they're not doing very well", he said, referring to the economic setbacks the country has already faced because of an earlier round of USA sanctions. "We are in the economic war situation". "Iran is a much different country since I terminated that deal".

The PM's official spokesman said: 'We regret the reimposition of sanctions by the US.

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

And in recent days US Treasury Secretary Steven Mnuchin said the US would "aggressively" target any firm or organisation "evading our sanctions".

Iran's national currency, the rial, now trades at 145,000 to one US dollar - down from 40,500 to $1 a year ago.

The seizure of the U.S. embassy by radical students was a key stage in the Islamic revolution of 1979, leading to a 444-day hostage crisis that permanently damaged relations between Washington and Tehran.

The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them.

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