Economy

Mike Pompeo warns Russia, China over Iran sanctions

Mike Pompeo warns Russia, China over Iran sanctions”

Secretary of State Mike Pompeo said eight countries - believed to include India, Japan and possibly China - would be given waivers to continue importing Iranian oil in order to avoid upsetting the global crude market, but only on condition, they slow their purchases.

The United States officially reimposed all penalties that had been lifted as part of the Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list Monday.

The oil and financial sanctions end all the economic benefits the USA granted to Tehran for its 2015 nuclear deal with world powers, even though Iran has been abiding by the accord that saw it limit its enrichment of uranium.

Rouhani separately said leaders from "four powers" met with Iran on the sidelines of the September meeting of the United Nations General Assembly to try to save the deal, including brokering a possible meeting with Trump.

Rouhani also vowed that Iran would break the sanctions.

U.S. sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts.

Iranian President Hassan Rouhani speaks during parliament's open session on confidence vote for four new ministers, in Tehran, Iran, October 27, 2018.

Pompeo wouldn't say if India and China are receiving waivers, or if they'd delivered commitments to stop their buying.

Second, although Saudi Arabia has said it will increase capacity by more than a million barrels...

"This is an economic war against Iran but". He would not rule out the Trump administration extending the waivers beyond six months.

Asked on CBS whether Iran could restart its nuclear program, Pompeo said, "We're confident that the Iranians will not make that decision".

Before travelling to a campaign rally for the USA mid-term elections, President Donald Trump said Iran was already struggling under his administration's policies.

The measures target Iran's vital energy and banking sectors.

On Saturday night, Israeli Prime Minister Benjamin Netanyahu in a statement thanked U.S. President Donald Trump for reimposing the sanctions.

They will directly affect companies from third countries doing business with Iran. "We are prepared to resist any pressure", Rouhani said.

"It will be hard for Iran to maximise exports when virtually all trade in oil is cleared in US dollars, putting worldwide oil companies, many national oil companies, traders and banks off limits", said Homayoun Falakshahi from the consultancy Wood Mackenzie. The rollback ends U.S. participation in the Obama-era accord, which now hangs in the balance as Iran no longer enjoys the billions of dollars in sanctions relief it was granted under the deal in exchange for curbs on its nuclear program.

He made sure to add that the United States wants to "support the Iranian people", and that any effort against Iran is meant to change bad behavior on the part of the Iranian government.

The Iranian military said it would launch two days of air defence drills on Monday and assured Iranians that it could neutralise any threats, the state news agency IRNA reported.



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