Iran president says country will 'proudly' break United States sanctions by selling oil

05 November, 2018, 23:31 | Author: Kathy Ellis
  • Khamenei was speaking on the eve of the anniversary of the 1979 takeover of the US embassy in Tehran

President Donald Trump removed the US from the 2015 Iran nuclear deal earlier this year, triggering the sanctions being imposed Monday.

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.

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.

Theresa May today slammed Donald Trump for unleashing the US's "toughest ever" sanctions regime on Iran. "We are in regular contact with other signatories of the nuclear deal. setting up (a) mechanism to continue trade with the European Union will take time", Iran's Foreign Ministry spokesman Bahram Qasemi told a weekly news conference on in Tehran.

Other countries were given partial waivers after they demonstrated that they were making serious efforts to reduce their Iranian oil imports.

The US side was unmoved.

Rouhani also vowed that Iran would break the sanctions.

Seoul also won an exemption from the USA to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, the official said. But he said the eight unidentified nations "need a little bit more time to get to zero".

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The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the United States sanctions will be dissuasive. He qualified that transactions for "humanitarian" purposes would be exempt, as they had been in the past, but cautioned that "banks must be very careful that these are not disguised transactions".

All of that said, as Pompeo noted on Friday, the waivers are not full waivers. The US wants Iran to withdraw from war-ravaged Syria, where the Shiite clerical regime is a key ally of President Bashar al-Assad, and end longstanding support to regional militant movements Hezbollah and Hamas, as well as Yemen's Houthi rebels.

India's top banker State Bank of India, which was handling most of the payments to Iran for oil purchases, is now complying with the US sanctions against Tehran, its chairman said on Monday. The renewed sanctions are designed "to paralyse the (Iran's) economy and keep it backwards".

Rouhani separately said leaders from "four powers" met with Iran on the sidelines of the September meeting of the United Nations General Assembly to try to save the deal, including brokering a possible meeting with Trump.

In parallel with the imposition of the crude oil sanctions, the US Treasury Department is placing more than 600 Iranian individuals and entities on a black list.

India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, sources in New Delhi had said last week.

The countries will deposit Iran's revenue in an escrow account, USA officials have said.

The United States is putting oil and financial sanctions against Iran back in effect on Monday.

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