Published: Mon, November 05, 2018
Money | By Ralph Mccoy

"Black Monday": Iranian Analysts Explain Why US Sanctions Unlikely to Succeed

Iran will sell its oil and break sanctions reimposed by the United States on its vital energy and banking sectors, Iranian President Hassan Rouhani said on Monday.

In the capital city of Tehran, the rally was held at the venue of the former U.S. embassy, which is known by Iranians as the "Den of Espionage".

Asked about the prospect of the country restarting a nuclear program, Pompeo replied that "We're confident the Iranians will not make that decision" on CBS' "Face the Nation".

Switzerland said it was holding talks with the United States and Iran about launching a humanitarian payment channel to help food and drugs keep flowing to Tehran.

He also said Iranian oil exports had dropped by almost one million barrels a day, choking the main source of funding for the country.

Israel's prime minister is lauding the newly restored US sanctions against Iran as "historic", saying they will "strangle" what he described as Iranian state-sponsored terrorism.

Iran's economy has been hit hard, with the country's currency, the rial, plummeting in value, leading to some street protests in Iranian cities.

Secretary of State Mike Pompeo said the U.S. aimed to reduce Iranian oil sales to zero. "We think China and Iran carrying out normal cooperation under the framework of global law is lawful and reasonable, and (this right) should be respected and protected", he added.

Iran's Foreign Ministry spokesman Bahram Ghasemi also predicted the sanctions will actually work against America's interests.

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But the latest sanctions could have the biggest consequences yet.

The Islamic Revolution Guards Corps commander added, "Our enemies intend to isolate us like an island but today the page has turned and Americans themselves are being gradually isolated, as even their traditional allies" are distancing themselves from the U.S.

Image copyright Getty Images Image caption Supreme Leader Ayatollah Ali Khamenei said the United States would not dominate Iran. In his presidential statement, Trump called on the regime to abandon its nuclear ambitions, change its "destructive behaviour", respect the rights of its people, and return in good faith to the negotiating table.

The UK, Germany and France - which are among the five countries still committed to the nuclear pact - have all objected to the sanctions.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 US Embassy takeover as Washington restores all sanctions lifted under the nuclear deal.

These sanctions have already had an enormous impact.

SECO said it was in touch with U.S. authorities, Iran and unnamed Swiss companies on developing a humanitarian payment channel.

Diplomats told Reuters last month that a new European Union mechanism to facilitate payments for Iranian oil exports should be legally in place by November 4 but not operational until early next year.

Trump has long argued that the 2015 nuclear deal is badly flawed, in part because its provisions would expire in 10 to 15 years and partly because it does not adequately constrain Iran's destabilizing behavior in the region.

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