U.S. tightens screws on Iran

04 November, 2018, 21:59 | Author: Emmett Rice
  • Donald Trump posted this dramatic image on his Twitter account. Pic Donald Trump

President Donald Trump said the United States remains open to reaching a comprehensive deal with Iran that blocks its nuclear weapons programme, just days before sanctions on the country's energy and shipping sectors kick back in.

The United States yesterday said that it will temporarily allow eight importers to keep buying Iranian oil even after it re-imposes sanctions starting Monday to try and force Iran to curb its nuclear programme, Bloomberg had reported. "This is the Trump administration trying to force the rest of the world to go along with a policy that most countries do not accept", said Barbara Slavin, an Iran expert at the Washington-based Atlantic Council.

The top commander of Iran's elite Revolutionary Guards, Major General Mohammad Ali Jafari, said at the Tehran rally that Iran would resist and defeat a United States "psychological war" and the return of U.S. sanctions, meant to cripple the Islamic Republic's oil exports and financial institutions.

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. The Islamic Republic is a preferred supplier for India, making the country the second-largest purchaser of Iranian crude after China due to sweeteners such as 60-days credit, free insurance and shipping, among others. "The U.S. must reverse course before irreparable harm is done to the Iranian people, regional security and America's worldwide standing".

Avoid fake news! Subscribe to the Standard SMS service and receive factual, verified breaking news as it happens. There are no plans to cut crude purchases from Tehran to zero.

Oil prices fell on Friday for a weekly loss of over 6 percent on worries about crude oversupply due to the US waivers.

The US Treasury also confirmed that the main global financial messaging network SWIFT would face penalties if sanctioned institutions are permitted to use it. He declined to specify the targeted institutions.

The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.

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With new US sanctions on Iran just hours away, Secretary of State Mike Pompeo is warning that they'll really pack an economic punch.

"The administration has indicated it will not support requests by foreign governments or companies for exemptions", the report said.

"But many Iranians that we spoke to said that this deadline is meaningless and that foreign investment has already been scared off.and that any economic damage has already been done".

Hosseini was quoted by media as saying that there is no restriction for the participation of buyers in Iran's oil sales. "That is who really understands the actions we are taking", he added.

"We always stated that such sanctions could negatively impact peace, stability and economies in neighbouring countries like Turkey and we elaborated this reality during the talks with USA officials", said Turkish Energy and Natural Resources Minister Fatih Donmez, according to the country's state-run Anadolu news agency. "That's a good thing for American consumers".

Companies that buy Iranian crude after the sanctions take effect may be cut off from the USA financial system.

"America will not be able to carry out any measure against our great and fearless nation".

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