Closed bank, mothballed planes: Iran mocks United States sanctions list

Closed bank, mothballed planes: Iran mocks United States sanctions list

Closed bank, mothballed planes: Iran mocks United States sanctions list

The sanctions came into force on Monday.

As a result of pre-sanctions pressure by Washington, Iran's oil exports in November may not exceed 1 million to 1.5 million bpd, according to industry estimates.

During a visit to Madrid on Tuesday, Russian Foreign Minister Sergei Lavrov said the USA decision to re-impose sanctions on Iran was "not legitimate" and that the rest of the parties to the 2015 nuclear deal abandoned by Washington are working to make economic cooperation with Tehran possible.

The United States today exempted eight countries, including India from the USA sanctions for buying Iranian oil.

The US on yesterday reimposed all penalties that had been lifted as part of the 2015 Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list.

Iran's deputy foreign minister holds out little hope for negotiations to ease tensions between Iran and the United States now that the Trump administration has re-imposed sanctions.

The sanctions' goal is to cut off Iran's oil exports, which are reported to have already fallen by around a million barrels a day since May, and to cut it off from global finance.

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports.

"We've said for a long time: Zero should mean zero", John Bolton, White House National Security adviser told Fox Business Network in an interview.

Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, "Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East". Iran can only use this money for humanitarian trade or bilateral non-sanctioned goods, the Secretary of State asserted.

It also appeared that the USA, in another first, was directly sanctioning the Atomic Energy Organization of Iran, the government agency that oversees Iran's nuclear program.

Despite being granted a waiver, Turkey's president has criticized the resumption of sanctions on Iran calling it a destabilizing step. He, however, emphasised that his effort to keep the oil prices down has nothing to do with Iran.

Concerns about oil demand weighed on prices.

Joint output from the world's top producers-Russia, the United States, and Saudi Arabia-in October rose above 33 million bpd for the first time, up 10 million bpd since 2010.

Chief Cabinet Secretary Yoshihide Suga, however, told reporters Tuesday that Japan will monitor and analyze any possible impact the sanctions may have to make sure the sanctions do not adversely affect Japanese companies.

This group takes as much as three-quarters of Iran's seaborne oil exports, trade data shows, meaning the Islamic Republic will still be allowed to export some oil for now.

South Korea says it can also continue exporting non-sanctioned products to Iran after the United States agreed to recognize a transaction system where local companies receive payments through two Korean won-denominated accounts that Iran's central bank opened in South Korea.

President Donald Trump's administration reinstated all remaining sanctions on Iran on Monday.

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