Published: Sun, November 04, 2018
Money | By Ralph Mccoy

USA to exempt eight nations from Iran sanctions snapback

USA to exempt eight nations from Iran sanctions snapback

The Trump administration on Friday announced the reimposition of all USA sanctions on Iran that had been lifted under the 2015 nuclear deal - but with an exemption for eight oil-buying nations that could include China.

There's no doubt exports will be affected this time around too, but it's also clear that Iran and its remaining business partners will be working hard to maintain trading links. The US cut off diplomatic relations in response.

Ayatollah Ali Khamenei, Iran's supreme leader, voiced defiance of the U.S. president and said "the world opposes every decision made by Trump".

However, Mr Trump said the deal left Iran free to destabilise the region by funding militias and using its influence to further its interests.

He stressed that "our actions today are targeted at the regime, not the people of Iran who have suffered grievously under this regime"; the U.S.

The ministerial committee official said Iraq's finance ministry had set up an account with a state-run bank in which Baghdad would deposit the amounts owed to Iran for the imports, in Iraqi dinars. Under US law, such exceptions can only be granted for up to 180 days.

Pompeo, meanwhile, expressed confidence that the United States is placing maximum pressure on Iran's government largely by targeting the energy industry. He has issued a list of 12 demands that Iran must meet to get the sanctions lifted that include an end to its support for terrorism and military engagement in Syria and a halt to nuclear and ballistic missile development.

But will these companies risk being hit by secondary sanctions which would limit their own ability to trade with the US? That's for "cheese, for butter, for jam, for meat, for chicken, everything", said Reza Eidiyuon, who, like everybody else in Tehran, is anxious about the new US sanctions.

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Secretary of State Mike Pompeo said earlier Friday the United States will grant eight jurisdictions waivers to the US -led campaign against Iran, but did not name them.

Turkey depends heavily on oil imports and almost nearly half of its oil needs are imported from Iran.

Before Friday's announcement, Iran hawks in Congress and elsewhere in Washington were expressing concern over what the administration would do with respect to limiting Iranian institutions access to financial transaction messaging services, the largest of those being the Brussels-based SWIFT network.

"SWIFT now must make a choice", he said: refuse to deal with Iran banks on the United States blacklist, or face sanctions itself. However, firms in these countries have backtracked on early agreements to develop Iran because the U.S. has threatened to impose sanctions on firms trading with the Islamic state.

Supreme Leader Ayatollah Ali Khamenei also said Iran's arch-adversary the United States had failed to reassert its domination over Iran since the country's 1979 Islamic Revolution that toppled the US -backed Shah.

At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility towards the Islamic Republic, which he said had nevertheless prevailed.

It appears Donald Trump, former reality TV host and current President of the United States, just announced plans to impose sanctions against Iran on November 5, via a fake Game of Thones-esque poster on Twitter. He said the weaker than it was in 1979.

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