United States allows 8 countries to keep buying Iran oil for now

United States allows 8 countries to keep buying Iran oil for now

United States allows 8 countries to keep buying Iran oil for now

The move is the latest round of sanctions re-imposed since President Trump announced the USA exit from the 2015 Iran nuclear deal.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil aid the upcoming sanctions, Bloomberg reported, citing a US official.

"You will not be able to reach any of your goals with regard to Iran's oil", Rouhani said, according to IRIB.

Oil prices dipped on Friday as record crude output by the world's top-three producers offset supply concerns from the start of United States sanctions next week against Iran's petroleum exports.

Countries seeking waivers - in a process similar to that under former President Barack Obama - are expected to agree to substantially reduce their Iranian oil imports.

Oil prices slipped further on Friday, heading for a weekly loss of more than 6 percent, after a report that Washington has granted several countries waivers on sanctions on Tehran, allowing them to continue to import Iranian crude.

The U.S. move infuriated Iran and angered the other countries that negotiated the nuclear deal and still say it's the best chance to constrain the Islamic Republic's nuclear ambitions.

"We ask that it to modify its behaviour, and the Secretary (of State) has been clear frequently on what we expect from the regime and human rights are certainly an important aspect of that", he said. The leader said it's possible Iran will face more hard times ahead, but asserted that the government will use all its power to reduce any problems.

"It's a virtual certainty that Western banks are not going to violate the escrow restrictions", said Mark Dubowitz, the chief executive of the Washington-based Foundation for Defense of Democracies who has advised Pompeo.

Pompeo and Mnuchin both said the sanctions will have exceptions for humanitarian purchases.

"Most European countries - in spite of the UK, Germany, and France having determined that they want to stay inside the JCPOA, in spite of that, almost every significant European company has already fled Iran".

"But the people should know with certainty that the government has no fear of American threats".

The restrictions come six months after President Donald Trump fulfilled a campaign promise and ended an Obama-era nuclear agreement with the Middle East state. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of total needs. Currently, Iran provides its tankers as well as insurance for oil cargoes to India.

Iran said on Friday the report on waivers showed that the market needed the country's crude.

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