Published: Mon, November 05, 2018
Global Media | By Derrick Guzman

Trump Administration Announces New Iran Sanctions, Possible Waivers for China, Others

Trump Administration Announces New Iran Sanctions, Possible Waivers for China, Others

While the administration said it has reduced Iran's daily oil exports by more than a million barrels a day, Pompeo acknowledged the us granted eight countries waivers to continue buying Iran's oil without penalties for six more months.

The reimposition of sanctions lifted under a 2015 nuclear deal adds 300 new designations in Iran's oil, shipping, insurance and banking sectors, to try to sharply reduce the country's petroleum revenues, a mainstay of its economy.

Taking effect Monday, the measures are the most concrete result yet of US President Donald Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran.

Late last week, USA government officials signaled that the United States had granted waivers to eight countries to continue temporary buying Iranian oil, on the condition that they had significantly reduced purchases from Iran. Trump administration officials have said eight entities are being given short-term waivers to allow them time to completely wind down their existing Iranian oil imports.

U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as "jurisdictions", a term that might include importers such as Taiwan which the United States does not regard as a country.

China denounced new United States sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

Israel has been a fierce opponent of the 2015 Iran nuclear deal from which the USA withdrew this year, saying the deal didn't rein in Iran's regional military activities.

All of the other signatories have argued the agreement is the best way to ensure Iran does not develop nuclear weapons, and Iranian officials have pledged to remain a party as long as the other non-U.S. parties continue observing it.

WTI (oil futures on NYMEX) extended its losing streak into a sixth day today and hit fresh seven-month lows near $ 62.50, now consolidating near the last amid moderate risk-aversion.

The move has raised tensions in the Middle East as America's maximalist approach to the Islamic Republic takes hold.

It comes as Iranian state television aired footage of air defence systems and anti-aircraft batteries in two-day military manoeuvres underway across a vast stretch of the country's north.

"We continue to believe that the Iran nuclear deal makes the world a safer place", British Prime Minister Theresa May's spokesman said.

Foreign Minister Mohammad Javad Zarif said United States "bullying" was backfiring by making Washington more isolated, a reference to other world powers opposed to the initiative.

On Friday, the Trump administration announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored.

However, analysts doubt this will lessen the impact of sanctions on Iran, given the importance of the U.S. to global trade.

"The aim is to drive Iranian oil exports to zero".

Oil rallied as US sanctions on Iran stoked concerns of a tightening market.

The sanctions end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers. "Act on your commitments, and we will sit and talk", he said.

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