Iran sanctions: Defiant rhetoric and military drills greet new United States penalties

Iran sanctions: Defiant rhetoric and military drills greet new United States penalties

Iran sanctions: Defiant rhetoric and military drills greet new United States penalties

US President Donald Trump's administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it, reports the BBC.

He said the sanctions had cost Iran billions of dollars in oil revenue since May.

Pompeo listed eight countries that will enjoy temporary waivers from a ban on all oil transactions with Iran: China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey. "Watch as we've already taken more crude oil off the market than any time in previous history", he told CBS's Face the Nation on Sunday.

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the U.S. sanctions will be dissuasive.

"The shadow of the sanctions has already affected the economy in a disastrous way, people's purchasing power has plunged", said Ehsan Attar in his herbal remedy shop.

Pompeo defended the Trump administration's reimposition of sanctions against Iran from conservative critics who argue more should be done to isolate the country. Its national currency, the rial, now trades at 150,000 to one USA dollar, down from when it traded around 40,500 to $1 a year ago.

Besides China, Greece, India, Italy, Turkey, South Korea, Taiwan and Japan get USA sanctions waivers for Iran oil imports.

The bearish pressure accelerated last week after the United States granted temporary oil exemptions to eight countries under the Iran sanctions.

European countries which are still party to the accord created to curb Iran's nuclear activity say they will help businesses bypass the sanctions.

The United States reintroduced sanctions against Iranian oil on Monday while giving some of Washington's closest allies exemptions that allow Tehran's biggest customers, mostly in Asia, to keep buying crude for now. Iran denies the allegations.

"The aim is to drive Iranian oil exports to zero".

"We're going to have sanctions that even go beyond this".

Iranian students stormed the embassy shortly after the 1979 Islamic Revolution, taking 52 Americans hostage for 444 days.

Bolton on Monday said the latest sanctions were only the beginning.

Diplomats told Reuters last month that a new European Union mechanism to facilitate payments for Iranian oil exports should be legally in place by November 4 but not operational until early next year. He said what he called "the terror regime" in Tehran must change its ways.

Pompeo also remarked on President Donald Trump's "sanctions are coming" message, which he tweeted out in the form of a dramatic Game of Thrones-style poster Friday.

During the annual UN gathering of world leaders in September, Trump chaired a council meeting that focused heavily on Iran, laying bare the rift between the United States and other powers on the nuclear deal.

"Iran is a much different country than it was when I took office", said Trump, adding: "They wanted to take over the whole Middle East". "We are in the economic war situation".

Rouhani said four countries had approached him during his visit to NY for the UN General Assembly in September, offering to mediate with the United States but he turned them down.

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