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New U.S. Sanctions Against Iran Go Into Effect

05 November 2018

And Iran's President Hassan Rouhani has greeted the move by ordering air defence drills.

Pompeo said earlier on CBS' "Face the Nation" that he was "confident" Iran would not restart its nuclear program with the US withdrawing from the deal. They are reported to include USA allies India, Italy, Japan and South Korea.

At the same time, the U.S. government has chose to grant waivers to eight countries that will allow them to keep importing Iranian oil if they significantly cut their purchases.

"We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran", Mr. Novak said in an interview with the Financial Times.

"Sanctions from the United States will be re-imposed at midnight tonight", Pompeo told CBS's "Face the Nation". "(It might) give few concessions in regional crisis points like Syria and Yemen, and hope for a regime change in Washington", he said.

Crude oil markets topped out with WTI reaching 75.00 per barrel only a month ago, but a crushing wave of crude production is threatening global oil markets' two-year bullish extension.

Iranians have taken to the streets chanting "Death to America" to protest the reimposition of USA sanctions on oil exports, timed to coincide with the anniversary of the U.S. embassy takeover during the 1979 Islamic Revolution. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of the total needs.

Pompeo said the USA moves have "had an enormous impact already".

Speaking with the reporters at the White House on Friday before leaving on a campaign trail, Trump said Iran was not the same country which it was when he started nearly two years ago. Most Europeans, as well as Japan and South Korea, have stopped. Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions.

But oil imports from Iran had started declining in FY18 to 22.6 million tonnes from 27.2 million tonnes in FY17.

Salami made the remarks on a day when the authorities in Iran organize anti-U.S. gatherings nationwide, unleashing slogans to mark the 1979 seizure of the US embassy in Tehran. These sanctions only go into effect today, but they have already begun to bite.

The bill was meant to pave the way for Iran to accede to the United Nations' Terrorism Financing Convention, thus removing a major point of USA criticism and giving European allies more leeway to develop a financial mechanism aimed at contravening the sanctions. "Our sanctions regime has very clear exceptions for the sale of food, medicine, and medical devices", he said. Both Airbus and Total have announced plans to leave Iran. "The administration already leveled one major round of sanctions in August; now, it is restoring the complete set of sanctions - and even adding hundreds of names to the list, according to Treasury Secretary Steven Mnuchin".

Days ahead of the U.S.'s important midterm elections, Donald Trump has continued on his crusade to stoke fear in the hearts of America's conservatives with blatant lies and racism.

New U.S. Sanctions Against Iran Go Into Effect