Pompeo And Mnuchin Reimpose Iran Sanctions Lifted Under 2015 Nuke Deal

Rouhani: Iran does not fear new US sanctions on energy, banking sectors

The restoration of sanctions is part of a wider effort by US President Donald Trump to force Iran to curb its nuclear and missile programs as well as its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

The Trump administration is to reinstate all United States sanctions on Iran that were removed as part of the 2015 nuclear deal.

Pompeo said eight nations, which other officials identified as US allies such as Italy, India, Japan and South Korea, will receive temporary waivers allowing them to continue to import Iranian petroleum products for a limited period as long as they end such imports entirely.

"Potential waivers appear targeted at India and South Korea, and they require some reductions over current import volumes while still allowing oil to flow", said Clayton Allen of Height Securities.

Despite surging output, concerns lingered ahead of the start of US sanctions against Iran's petroleum exports from next week.

"We want to achieve maximum pressure but we don't want to harm friends and allies either", Bolton said in a talk at the Hamilton Society.

Three of Iran's five largest buyers of crude - China, India and Turkey - have resisted calls by Washington to end their oil purchases outright.

Goldman Sachs said it expects Iran's crude exports to fall to 1.15 million bpd by the end of the year.

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The determination is needed under US law for Washington to impose sanctions on foreign countries that fail to significantly reduce their purchases of Iranian oil and petroleum products. They still have to decide on how to split the quantum and on the form of payments, the source said. Indian public refineries like Mangalore has also been buying Iranian oil but not in the numbers that they were earlier.

"In practical terms, this will mean that E.U. member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world", she told reporters. Under this, rupee is used for import of rice, drugs, and other products from India while the balance proceeds in rupee and euro sit idle in the Indian bank waiting for sanctions to go.

He added: "In the past few months our people have faced hard times and it's possible that the next few months will be hard".

The concessions have reportedly sparked outrage among U.S. officials who take a hardline attitude towards Iran, even causing White House National Security Advisor John Bolton to decline to participate in the sanctions rollout on November, 4.

"It seems that the United States has no more capability to put countries and global economic enterprises under pressure", the Iranian spokesperson added.

Indian and the United States officials have been negotiating for months on terms of waiver from sanctions.

Refineries using Iranian oil have also faced insurance issues during renewals in recent months.

India prefers Iranian oil as it comes cheap and suits many refineries' technical configuration.

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