Trump tweets his plans to reimpose sanctions on Iranian regime

Trump tweets his plans to reimpose sanctions on Iranian regime

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005.

"The United States remains open to reaching a new, more comprehensive deal with Iran that forever blocks its path to a nuclear weapon, addresses the entire range of its malign actions, and is worthy of the Iranian people", Trump said.

Sanctions on Iran's petroleum sector are scheduled to snap back into effect on November 5.

An industry source said last month that Turkey had already made efforts to cut its purchases ahead of the US sanctions, but would prefer to keep up some level of Iranian oil imports.

"Even if the United States grants exemptions, Washington will demand that the volume imported from Iran be significantly reduced", said UBS analyst Giovanni Staunovo, who expects prices to rise.

The sanctions come six months after US President Donald Trump withdrew from the 2015 nuclear deal struck between world powers and Iran.

Senate Republicans including Ted Cruz (R-Texas), Tom Cotton (R-Ark.) and Marco Rubio (R-Fla.) want the administration to cut off Iranian banks from conducting global transactions using the Society for Worldwide Interbank Financial Telecommunication, and are expected to introduced legislation to force President Trump's hand after the election. India kept importing oil from Iran knowing it well that it will be saved from sanctions on being strategic partner of the US. "The US has given waiver to some countries including India", Pradhan told reporters on the sidelines of an agreement signing event between CSC e-Governance Services and oil marketing companies - BPCL, India Oil and HPCL.

On these, as on other topics, our work continues, including with Russian Federation and China as participants to the JCPOA and with third countries interested in supporting the JCPOA.

"We have advised SWIFT that Treasury will aggressively use its authorities as necessary to continue intense economic pressure on the Iranian regime and that SWIFT would be subject to USA sanctions if it provides financial messaging services to certain designated Iranian financial institutions", Mnuchin said.

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The US aims to cripple the Iranian economy to pressure Tehran to halt its nuclear activities and what the US says is broad support for "terrorism" in the region, Pompeo said.

India and other leading oil buyers will benefit from the waiver the United States has granted them from Iran sanctions, the South Asian nation's oil minister said on November 3.

It is part of efforts by Iran and its customers to keep oil flowing ahead of a new U.S. embargo set to hit on Monday.

Hosseini was quoted by media as saying that there is no restriction for the participation of buyers in Iran's oil sales.

But for now, Iran seemed likely to try to endure the Trump administration's maximum pressure campaign, she said.

"The difference last time was that sanctions were phased in gradually over a long period", said Rome.

Pompeo added that the sanctions are "aimed at fundamentally altering the behavior of the Islamic Republic of Iran".

The US granted waivers to eight countries but only on condition they make substantial cuts to their purchases.

Pompeo said two of the jurisdictions, which he did not identify, will wind down Iranian oil imports to zero in "weeks".

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