U.S. imposes second tranche of sanctions on Iran after nuclear deal withdrawal

07 November, 2018, 06:35 | Author: Teresa Adams
  • New U.S. Sanctions Against Iran Go Into Effect

Earlier Monday, the administration reimposed sanctions on Iran's energy, banking, shipbuilding and shipping sectors to compel Tehran to end its nuclear program and support for militant groups in the Middle East.

Addressing a presser here, Pompeo cited Denmark's intelligence uncovering an Iranian assignation plot as proof for the need to impose the sanctions and warned Iran to "either do a 180-degree turn from its outlaw course of action and act like a normal country, or it can see its economy crumble". "True, there can be more bumps along the way, but we must approach this very aggressively and from strength. also morally, economically and vis-à-vis security".

President Donald Trump pulled out of the deal, called the Joint Comprehensive Plan of Action, in May, and Monday was the deadline to reimpose its sanctions.

Major Japanese oil distributors have suspended Iranian oil imports since their October contracts.

To keep the deal alive, the remaining parties to the Iran nuclear deal are trying to maintain trade with Tehran despite scepticism this is possible despite US sanctions to choke off Iranian oil sales.

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In response, Iranian President Hassan Rohani said in speech broadcast on state TV on November 5 that Iran will break USA sanctions and continue to sell oil. US light crude was 50 cents higher at $63.64. Washington announced a target to bring Iranian oil exports down to zero and urged its customers to abandon such purchases.

They also cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, Tehran's national airline, Iran Air, and more than 65 of its aircraft, the Treasury statement said. "But whether it is a blanket waiver or India can continue imports without attracting secondary sanctions after the existing contracts expire will be known only once the details are out", an official in the know said.

Iranian oil accounted for about 5 percent of Japan's crude oil imports before purchases were cut.

Oil prices declined on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market's focus to worries that an economic slowdown may curb fuel demand.

"The enemy is targeting our economy ... the main target of sanctions is our people", he said. Eight countries got exemptions for six months on importing Iranian oil: China, India, South Korea, Turkey, Italy, Greece, Japan, and Taiwan.

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The U.S. withdrawal from the multilateral JCPOA in May was a "scandal" for Washington, he said.

Iran's President Hassan Rouhani said the Islamic republic "will proudly bypass sanctions".

This could mean European and other banks and businesses face secondary sanctions if Washington deems them in breach of sanctions, and USA officials have been pressing SWIFT to act.

Japanese Foreign Minister Taro Kono later said Tokyo would continue to have close discussions with the United States to ensure stable energy supplies and no adverse impact on Japanese companies.

Pompeo and Trump have emphasized that they hope to target the country's government over its "malign activities" in the Middle East and its nuclear weapons.

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