India’s continued oil imports from Iran tied to tough U.S. conditions

07 November, 2018, 06:34 | Author: Kathy Ellis
  • Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

Aside from restrictions on oil imports, the administration added more than 700 individuals, entities, vessels and aircraft linked to the energy and financial sectors and other segments of Iran's economy to the US list of sanctioned entities. "It can either do an 180-degree turn ... and act like a normal country, or it can see its economy crumble". "This is an economic war against Iran".

"The maximum pressure exerted by the United States is only going to mount from here", U.S. Treasury Secretary Steven Mnuchin said in a statement.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

On Monday, the United States restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action to stop what Washington calls its "outlaw" policies, steps Tehran calls economic warfare and vowed to defy. The Trump administration said it has asked these countries to bring down their oil purchase to zero as soon as possible. "The agency does not have any complaints about it", Ulyanov said when asked about the agency's assessments in further reports on the JCPOA's implementation amid the new wave of U.S. sanctions.

Under the deal, Tehran had agreed to curb its nuclear activities in exchange for the lifting of crippling economic sanctions.

Japanese buyers of Iranian crude oil are expected to prepare to resume imports from the Middle Eastern nation after Tokyo was granted a waiver from USA sanctions that kicked in this week, trade minister Hiroshige Seko said on Tuesday. Iranian oil: One reason is that the latest round of sanctions aren't as harsh as the market expected.

"The enemy is targeting our economy ... the main target of sanctions is our people", he said.

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But the official said that because a stronger oil supply is anticipated for next year, "that will allow us to accelerate the path to zero" imports from Iran.

Oil prices initially soared on fears that the Iran sanctions would knock the world's fifth-biggest producer offline.

In a sweeping list, the Treasury Department labeled an additional 700 entities, including individuals, banks, vessels, aircraft and Iran's energy sector as part of its decision to reapply harsh sanctions that kicked in early Monday morning. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

"[The] infrastructure allows European companies to avoid USA sanctions in the future ... long-term it's very worrying for the future of US sanctions infrastructure", Ashford said.

The Iranian ambassador said the United States "not only blatantly defies the Security Council resolution 2231" that endorsed the nuclear deal, "but also audaciously coerces other states to violate the resolution".

Meanwhile, the expert was not optimistic about the possibility that Iran would negotiate another deal with the United States.

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