Published: Wed, November 07, 2018
Markets | By Jeffery Armstrong

U.S. issues waivers to allow N-deal with Iran to continue

U.S. issues waivers to allow N-deal with Iran to continue

On Sunday, thousands of Iranians took to protests, chanting "Death to America!".

Talking at the meeting, the new Economy Minister Farhad Dejpasand said Iran has "plans" to overcome sanctions.

Trump on Friday evening reasserted his openness to reaching a new Iran deal "that forever blocks its path to a nuclear weapon, addresses the entire range of its malign actions, and is worthy of the Iranian people". The Obama administration had lifted sanctions on entities dealing with those sectors as part of the 2015 nuclear deal, which exchanged sanctions relief for a rollback in Iran's nuclear program.

The second and final round of punitive sanctions took effect on Monday, targeting Iranian sectors related to energy, shipping and ship-building, in addition to those in the insurance and transactions sector, including the Central Bank of Iran and designated Iranian financial institutions.

India, which is the second biggest buyer of Iranian oil after China, is being pushed by the United States to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, according to sources.

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Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production.

In May, Trump exited Iran's 2015 nuclear deal with six powers and Washington reimposed first round of sanctions on Iran in August. America should learn that it cannot use the language of force against Iran.

Combined output from Russian Federation, the United States and Saudi Arabia rose above 33 million bpd for the first time in October, up 10 million bpd since 2010, with all three pumping at or near record volumes. "Therefore, we will proudly break the sanctions".

The administration granted a 180-day waiver period to the eight parties, which include China, India, South Korea, Italy, Greece, Taiwan and Turkey, Secretary of State Mike Pompeo told reporters.

Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

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US officials have said the aim of the sanctions is eventually to stop all Iran's oil exports. "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".

Iranian officials expressed their gratitude for South Korea's prior consultations on the sensitive issue, the source said.

The Belgium-based SWIFT financial messaging service said on Monday it is suspending some unspecified Iranian banks' access to its messaging system in the interest of the stability and integrity of the global financial system.

"But U.S. bullying is backfiring, not just because JCPOA (nuclear deal) is important, but because the world can not allow Trump to destroy global order". 300 targets of the reimposed sanctions are new.

However she said it was "yet to be seen" if these measures would be effective when balanced against the risk of being cut off from the United States market.

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