Economy

U.S. exempts three Iranian nuclear sites from sanctions

U.S. exempts three Iranian nuclear sites from sanctions”

China, Greece, India, Italy, Japan, South Korea, Taiwan, and Turkey are allowed to continue to import Iranian oil.

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran's oil exports and revenues.

The diplomat suggested that countries were beginning to see through the frequent use of the Iranian threat by the U.S. and its allies in shaping Middle East policy.

"We're going to have sanctions that even go beyond this". Among those are 50 Iranian banks and subsidiaries, more than 200 people and ships, Iran's state-run airline Iran Air and more than 65 of its planes.

"We are not issuing waivers for any new civil nuclear projects", the State Department said in a statement today.

"We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists", Mnuchin said in a statement.

They blamed Israel for the attack and said it targeted Iran's communications infrastructure, without elaborating.

"We are standing up to a bullying enemy", said Iranian President Hassan Rouhani.

"When I look at the list, it's obviously very large economies that still in many ways depend on Iran oil imports and at this time don't have any strong alternatives", said Brian Katulis, a senior fellow at Center for American Progress, a liberal think tank.

Iran's Deputy Foreign Minister Seyed M. Kazem Sajjadpour said on Tuesday the United States has the "very simple naive" view that Iran will wilt under the pressure.

"We believe that China's normal cooperation (with Iran) within worldwide law is legal and legitimate, and this shall be respected", Hua said. The Administration has granted waivers to eight countries that have reduced their oil purchases from Iran but not stopped them entirely.

China, which has been Trump's main sparring partner on the trade front, is Iran's main oil customer.

However, the Europeans need to figure out a way to maintain that trade with Iran without enraging the U.S. As reported Monday by the Financial Times, the EU has been preparing a "special objective vehicle" to safeguard that trade, but it's not yet ready.

A new round of punishing sanctions on Iran's energy, banking and shipping sectors went into force overnight on Monday.

Analysts said expectations of an economic slowdown in coming months were weighing on the fuel demand outlook, while concerns eased on the supply-side after Washington granted sanction waivers to eight importers of Iranian oil that will allow them to continue purchases.

On Saturday, Iran's Supreme Leader Ayatollah Ali Khamenei denounced the reimposition of US sanctions, saying Trump had hurt USA standing in the world and that Iran would ultimately come out as the victor. "We must resist and win". Iran is already in the grip of an economic crisis.

Worst-affected are Iran's important oil, shipping and banking sectors and thousands of Iranians reacted with protests in Tehran, some shouting "death to America".

Iran supports several Shiite militias formed to fight against the Islamic State.

Iran, he said, has been able to sell as much oil as it needs despite United States pressure.

Oil slid from a four-year high last month as speculation grew that Washington would grant the waivers to lower gasoline prices ahead of the USA mid-term elections, while other producers in the Organization of Petroleum Exporting Countries (OPEC) pledged to offset any supply gaps.

In August, the European Commission revamped its Blocking Statute, a 1995 law created to help European companies and banks recover damages arising from USA sanctions on third parties.



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