Closed bank, mothballed planes: Iran mocks U.S. sanctions list

Closed bank, mothballed planes: Iran mocks U.S. sanctions list

Closed bank, mothballed planes: Iran mocks U.S. sanctions list

South Korea's presidential spokesman says the USA has demonstrated the strength of the two countries' alliance by allowing South Korea to continue importing Iranian crude oil products under reinstated sanctions against Iran.

"We have the toughest sanctions ever imposed".

He says imports cover nearly 80 percent of India's energy needs, and that it must import from Iran in order to grow its economy. He said he had discussed the list with other officials, with many saying it was "less than what we expected".

Labeled by Trump as the "toughest ever", the sanctions took force early in the day as part of USA efforts to ramp up pressure on Tehran to "change its behavior."Washington says the terms of the nuclear accord, under which sanctions against Iran were lifted in exchange for curbs on the country's nuclear activities, were not strict enough to prevent Iran from developing nuclear weapons".

Asked about Turkey's "roadmap" for when the temporary waiver is lifted, Erdogan recalled Turkey's dependence on oil and natural gas imports and said he can not allow his citizens to "freeze in winter".

The Trump administration said it has asked these countries, including Turkey, Iraq, Italy, Japan and South Korea, to bring down their oil purchase to zero as soon as possible.

Japan says it is pleased to be temporarily spared from penalties as the USA resumes sanctions on Iran.

Currently, India pays its third largest oil supplier in euros using European banking channels.

This group of eight buyers imported over 80% of Iran's roughly 2.6 million barrels per day (bpd) of oil exports past year, Refiniv Eikon data shows.

"The stiff penalties on the Iranian government, business entities, and individuals comes just days after President Trump hinted at the new sanctions on social media; tweeting 'Sanctions are Coming November 5".

South Korean Trade Minister Kim Hyun-chong says the waiver "opens breathing room" for South Korea's oil refining industry and companies that export to Iran.

Ambassador Seyed M. Kazem Sajjadpour said in London on Tuesday that the United States has the "very simple naive" view that Iran will wilt under the pressure.

Two Chinese sources familiar with the matter said the country would be allowed to buy 360,000 bpd of Iranian crude during the exemption period.

The deal had seen most global financial and economic sanctions on Iran lifted in return for Tehran curbing its disputed nuclear activity under United Nations surveillance.

Spanish Foreign Minister Josep Borrell has said that the USA move raised economic and security risk internationally and that the European Union would work to realize the 2015 nuclear deal struck with Iran. Watch the efforts that President Trump's policies have achieved. Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran had agreed to stop its nuclear programme in exchange for relief from economic sanctions.

Iran's crude exports have fallen significantly from at least 2.5 million bpd in April, before Trump in May withdrew the United States from a 2015 nuclear deal with Iran and reimposed sanctions, although estimates vary.

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