China to continue Iran trade despite new U.S. sanctions

07 November, 2018, 02:59 | Author: Brooke Harris
  • New U.S. Sanctions Against Iran Go Into Effect

The US measures were reimposed on Monday after Donald Trump's administration pulled out of the Iran nuclear deal earlier this year. US light crude was 50 cents higher at $63.64. "So that's a pretty big impact for a country which derives 80% of its tax revenue from oil imports".

It is the realization of the withdrawal of the agreement on the iranian nuclear 2015 announced by Donald Trump in may.

In general, countries are now supposed to avoid buying Iranian crude, unless they want to incur American wrath.

"The maximum pressure exerted by the United States is only going to mount from here". The US even exempted eight countries from the sanctions. At the time, China, India, Turkey, South Korea, Japan and Taiwan in particular have been spared from u.s. sanctions, on the grounds that they are steadily reducing their imports of iranian crude.

"These sanctions hit at the core areas of Iran's economy", Pompeo told reporters on Friday. "We continue to fully support expanding our trade relationship with Iran and encourage United Kingdom businesses to take advantage of the commercial opportunities that arise".

There was no immediate statement from the Ministry of External Affairs but sources in New Delhi said this was the result of hectic negotiations over the last six months with USA officials.

The same day as the sanctions were reimposed, SWIFT, the Belgium-based bank messaging system, suspended some Iranian banks from using its system.

But US bullying is backfiring, not just because JCPOA is important, but because the world can't allow Trump & Co.to destroy global order.

All of the other signatories, China, the European Union, France, Germany, Iran, Russia and the United Kingdom, have remained in the deal despite U.S. action.

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Britain said on Monday it regretted the decision to reimpose sanctions on Iran.

The European Union, France, Germany and Britain said they regretted the United States decision and would seek to protect European companies doing legitimate business with Tehran.

Eight governments have received temporary permission to continue to import Iranian oil.

The sanctions could be particularly harmful to Iran's vital oil industry.

Iran on Monday strongly opposed USA sanctions on its pillar industries, saying that the United States will not be able to stop Iran's oil exports.

According to Pompeo, more than 20 importing countries and regions have "zeroed out" their imports of crude oil already. WTI saw prices of $62.89. "The European Union does not approve of it", said European Economic Affairs Commissioner Pierre Moscovici, regarding the sanctions. However, news of the waivers last week sent prices lower as top buyers would continue to import Iranian oil. Many should choose the United States, or have already done so.

He said: "The UK is trying to make sure that, for example, humanitarian goods can get through to Iran, things like medical supplies, pharmaceuticals".

"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".

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