US Renews Iran Sanctions, Grants Oil Waivers to China, Seven Others

US Renews Iran Sanctions, Grants Oil Waivers to China, Seven Others

US Renews Iran Sanctions, Grants Oil Waivers to China, Seven Others

South Korea's presidential spokesman says the US has demonstrated the strength of the two countries' alliance by allowing South Korea to continue importing Iranian crude oil products under reinstated sanctions against Iran.

The U.S. Treasury Department imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels in the new sanctions.

The U.S.'s self-described "largest-ever" sanctions list targeting Iran includes an oil tanker already sunk and a bank long since closed. India's top oil supplier is Iraq, followed by Iran and Saudi Arabia.

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports. He said he had discussed the list with other officials, with many saying it was "less than what we expected".

The restoration of sanctions is part of a wider effort by U.S. 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 US on yesterday reimposed all penalties that had been lifted as part of the 2015 Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list. "I don't want to lift oil prices".

Iran's oil exports rose sharply after the previous round of sanctions were lifted in early 2016. "The regime to date since May has lost over $2.5 billion in oil revenue".

'The sanctions will accelerate the rapid decline of Iran's global economic activity, saying over 20 countries had already cut their oil intake from Iran, reducing its exports by more than 1 million barrels a day, rfe/rl reported quoting Pompeo.

Oil prices initially soared on fears that the Iran sanctions would knock the world's fifth-biggest producer offline. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran". America should learn that it cannot use the language of force against Iran ... "The maximum pressure exerted by the United States is only going to mount from here".

Russian Foreign Minister Sergei Lavrov says the decision of the United States to re-impose sanctions on Iran "is not legitimate" and that the rest of the parties in the 2015 nuclear deal abandoned by Washington are working to make economic cooperation with Tehran possible.

It can be recalled that China, including France, Russia, Germany, and Britain, was pulled out by Trump earlier this year to the 2015 Joint Comprehensive Plan of Action.

Spanish Foreign Minister Josep Borrell has said that the US move raised economic and security risk internationally and that the European Union would work to realize the 2015 nuclear deal struck with Iran.

"In May, President Trump had pulled the United States out of the 2015 landmark JCPOA terming it as disastrous". The remaining members agreed that the measure helps keep Iran from obtaining nuclear weapons.

After the US' withdrawal from the deal, Trump signed fresh sanctions against Iran, which claims its nuclear programme is peaceful and for civilian objective.

Related news