Thursday, 22 November, 2018

UAE blames Iran’s ‘aggressive policies’ for United States sanctions

India Korea US Said to Agree Iran Oil Waiver Outline India and South Korea Win Waivers From Iranian Oil Sanctions, but the Pressure's Still On
Nellie Chapman | 04 November, 2018, 17:35

The US secretary of state, Mike Pompeo, said that eight "jurisdictions" would be granted temporary waivers after Monday's sanctions deadline, but only on the understanding that they would stop or drastically reduce oil imports in the coming weeks.

The US granted waivers to eight countries but only on condition they make substantial cuts to their purchases. This was a major impediment for India as it is heavily dependent on Iranian oil.

A Chinese official told Reuters that discussions with the USA government were ongoing and that a result was expected over the next couple of days.

No names had been mentioned, but Japan, South Korea, India and maybe China were expected to be included.

Pompeo said the United States is to issue temporary exemption to eight "jurisdictions" from Iranian sanctions recognising their significant reduction in imports of oil from Iran.

Pradhan also expressed hope that India and other leading oil buyers will benefit from the waiver the United States has granted them from Iran sanctions.

The other parties to the nuclear deal see it as an important bulwark against the risk of wider war in the Middle East and have reaffirmed their commitment to it. Iran has said it could leave the pact if the European Union cannot protect its economic benefits.

The senior research scholar at Columbia University's Center on Global Energy Policy went on to boast about being "responsible, directly, for USA sanctions against Iran for a long while".

"The maximum pressure we have imposed has caused the rial (currency) to drop dramatically, [President Hassan] Rouhani's cabinet is in disarray, and the Iranian people are raising their voice even louder against a corrupt and hypocritical regime", Pompeo said.

Turkey depends heavily on oil imports and almost nearly half of its oil needs are imported from Iran. In Tehran, one man said the harder the US pushes, the more people will resist.

Iranians burn an image of US President Donald Trump during an anti-US demonstration outside the former US embassy headquarters in the capital Tehran on 9 May 2018 after Trump's withdrawal from the nuclear deal with Iran. "Iran's oil exports are decreasing and difficulties paying Iran for oil with hard currency are evident".

Iran's top leader was earlier reported as saying that US President Donald Trump's policies face opposition across the world as Washington prepared to reimpose sanctions on Iran's vital oil-exporting and financial sectors.

Another problem is that the product used in the SPV to trade with Iran may also violate secondary sanctions, says Leigh Hansson, head of worldwide trade and national security at Reed Smith.

"The difference last time was that sanctions were phased in gradually over a long period", said Rome.

U.S. Treasury Secretary Steven Mnuchin also said Washington had told the Brussels-based SWIFT financial messaging service it was expected to disconnect all Iranian financial institutions that the United States plans to blacklist as of Monday.