No concerns over fresh USA sanctions: Iran

No concerns over fresh USA sanctions: Iran

The US has broadly agreed to grant India a waiver from Iran sanctions after the Indian side chose to cut oil imports from Tehran by about a third in 2018-19, sources familiar with the matter said, adding that an official announcement could be made over the next few days.

Waivers are being granted to countries that have shown they've made "important moves" toward reducing Iranian oil imports to zero, Pompeo told reporters on a conference call Friday.

Crude oil prices eased in the month of October after major oil producers like Saudi Arabia and Russian Federation agreed to increase their output it the future to make up for the deficit from Iran.

No final decision has been made and an announcement is unlikely before US sanctions on Iran are reimposed November 5, the officials said, asking not to be identified because the information is confidential.

The concessions to Iran are said to include oil waivers to China, South Korea, and India, all of which purchase Iranian crude oil.

USA national-security adviser John Bolton says the White House wants sanctions on Iran's oil sector to put a strain on Iran's economy, but it does not want to harm "friends and allies" that depend on the oil.

The sanctions cover Iran's shipping, financial and energy sectors.

Bolton insisted, however, that even if some exceptions were granted, Iran is already feeling pain from the USA sanctions, particularly with the collapse of its currency, the rial, this year.

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Already, through its pressure campaign, the US has managed to reduce Iran's oil exports from 2.7 million to 1.6 million barrels a month, according to internal USA estimates.

President Donald Trump, 6 months after being elected, backed out of the 2015 nuclear deal. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level.

The objective of the law, which came into effect during the Obama administration, was to put pressure on Iran to curtail its nuclear programme by forcing its major oil customers to reduce their purchases.

The administration's decision to issue waivers to eight countries also marked a significant reduction from the Obama administration, which issued such exemptions to 20 countries over three years.

Qassemi said the U.S. carried out numerous measures and spent huge sums to exert pressure on global banks, companies, commercial enterprises and institutions in order to dissuade them from working with Iran but all such efforts failed to bear fruit. "This leading state sponsor of terrorism is going to see revenues cut off significantly that will deprive it of its ability to fund terrorism throughout the region".

"It seems that the U.S. has no more capability to put countries and global economic enterprises under pressure", the Iranian spokesperson added.

The Iran sanctions have officially been cast.

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