Iran will sell its oil despite U.S. sanctions - President Rouhani

05 November, 2018, 12:12 | Author: Brooke Harris
  • Iran's Supreme Leader Ayatollah Ali Khamenei

The move restored US sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and added 300 new designations in Iran's oil, shipping, insurance and banking sectors.

The country has greeted the re-imposition of United States sanctions with air defence drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation".

The measures described by Washington as "the toughest sanctions ever" follow Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran.

Speaking in Tehran on Sunday, Brigadier General Hossein Salami said that Iran's power has reached a level, that "we can threaten the vital interests" of a country such as the U.S.

On Friday (November 2), the Trump administration announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored from November 5th.

The US has been trickling out a list of 12 demands Iran must meet if it wants to see sanctions lifted ahead of their reimposition on Monday.

In this regard, India is also looking to adopt the strategy as it developed prior to 2015 when a West-imposed sanction on Tehran affected supplies.

Contrary to what he called "fueled misinformation", he stated that SWIFT, "if it provides financial messaging services to certain designated Iranian financial institutions...could be subject to sanctions".

Mr Pompeo has said that over 100 big global companies had withdrawn from Iran because of the looming sanctions.

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"We will, we expect, have reduced Iranian crude oil exports by more than 1 million barrels even before these sanctions go into effect", he added.

"The Iranian people are feeling the economic pressure at their dinner tables and we complain about this, but it will not make Iranian people give up Islam, their values and the [Islamic] Revolution because of rising prices", he said.

Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave.

In the capital city of Tehran, the rally was held at the venue of the former U.S. embassy, which is known by Iranians as the "Den of Espionage". "We are prepared to resist any pressure", Rouhani said.

Iranians have taken to the streets chanting "Death to America" to protest the reimposition of U.S. sanctions on oil exports, timed to coincide with the anniversary of the United States embassy takeover during the 1979 Islamic Revolution.

Mr Rouhani said on state TV on Monday his nation was is in a "situation of economic war" and was "confronting a bullying power".

Image copyright Getty Images Image caption Supreme Leader Ayatollah Ali Khamenei said the U.S. would not dominate Iran.

"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. The new sanctions might prove to be costly if the Kingdom of Saudi Arabia, with spare production capacity, is unable or unwilling to put more oil in the market".

Iran is already in the grip of an economic crisis.

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