Sunday, 17 February, 2019

Iran president warns of 'war situation' as sanctions resume

Iranian officials are betting on the unstable market conditions to beat US sanctions Iranian officials are betting on the unstable market conditions to beat US sanctions
Nellie Chapman | 05 November, 2018, 16:58

Iranian President Hassan Rouhani has vowed to sell his country's oil and break the sanctions.

The sanctions bring to an end all the economic benefits the United States granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord under which it limited its enrichment of uranium.

"Iran is a much different country than it was when I took office", said Trump.

While the U.S. had previously wanted countries including India to completely halt oil purchases from Iran by November 4, it seems to have relented considering the havoc the move to completely take out Iranian supplies from the market would have had on prices.

However, Trump's personal lawyer Rudy Giuliani and John Bolton, the president's national security adviser, both have made public statements supporting overthrowing Iran's theocratic government.

Iranian officials, meanwhile, reported a cyberattack targeting the country's communication infrastructure, blaming the purported attack on Israel.

"Saudi Arabia can produce 12 million barrels a day, but only if it invests", said Hancock, noting that the country now produces just under 11 million barrels a day.

"Switzerland is committed to safeguarding Swiss economic interests and closely follows the development of the situation". The reinstated sanctions follow the Trump administration's decision in May to pull out of the global nuclear deal.

"In a single move, the United States is dealing a critical blow to Iran's entrenchment in Syria, Lebanon, Gaza, Iraq and Yemen", the minister posted in a rare English-language tweet.

The ministry's spokesman, Bahram Ghasemi, says that Iranians "have experienced more extensive sanctions" and that they are "not a new issue".

While Iran braces for a new set of sanctions on Monday that will target its oil, shipping, energy and banking sectors, U.S. measures have already taken a heavy toll on the Islamic republic.

Washington is re-imposing the sanctions after Mr Trump in May pulled out of a 2015 accord aimed at curbing Iran's nuclear ambitions.

Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production. They are reported to include U.S. allies India, Italy, Japan and South Korea.

US President Donald Trump unilaterally withdrew Washington from the pact in May despite objections from close allies in Europe.

Sources said the USA waiver for 8 countries, may not be indefinite and it would come with commitment to reduce oil imports from Iran to zero quickly. According to Mnuchin, "SWIFT is no different than any other entity, and we have advised SWIFT the Treasury will aggressively use its authorities as necessary to continue intense economic pressure on the Iranian regime". "And just today, we riposted all sanctions that were lifted under that awful deal".

During the previous round of sanctions, they were expected to cut imports by about 20 per cent during each 180-day review period to get another exemption.