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

Iran president says country will 'proudly' break U.S. sanctions by selling oil

Iran president says country will 'proudly' break U.S. sanctions by selling oil

Rallies replete with "Death to America" chants are staged on the embassy takeover anniversary every year, but US-Iranian rancour is especially strong this year following Trump's decision in May to withdraw the United States from a 2015 global nuclear deal and reimpose sanctions on Tehran.

According to the hype from Capitol Hill, US restrictions against Iran coming into force at midnight are meant to economically punish the nation by preventing the sale of any Iranian oil outside of the nation's borders, although with the announcement of multiple waivers, the sanctions are instead likely to result in an increase of exports from the Middle Eastern country.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", he said.

Trump announced in May he was withdrawing from the 2015 nuclear deal and reimposing sanctions, sparking outrage among world powers who say Iran has been complying with commitments to restrict its atomic programme.

South Korea has been granted a waiver from U.S. sanctions on Iranian oil, a government official said on Monday.

The US has been trickling out a list of 12 demands Iran must meet if it wants to see sanctions lifted ahead of their reimposition on Monday. "The maximum pressure we imposed has caused the rial to drop dramatically, the country's Cabinet is in disarray, and the Iranian people are raising their voices even louder against a corrupt and hypocritical regime".

Contrary to what he called "fueled misinformation", he stated that SWIFT, "if it provides financial messaging services to certain designated Iranian financial institutions...could be subject to sanctions".

In 2012, South Korea received a waiver on United States sanctions by importing limited amounts of Iranian oil during the previous round of sanctions that were lifted in early 2016.

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"On Monday, November 5, the termination of US participation in the Iran nuclear deal will be complete". They are reported to include United States allies India, Italy, Japan and South Korea.

"We are in the war situation", Rouhani said.

Mr Rouhani, meanwhile, pledged that Iran would overcome the sanctions.

He said "economic warfare" was a final bid by Washington to overthrow the Islamic republic after decades of failed attempts.

Iranian state media said millions turned out for rallies in most cities and towns around the country, swearing allegiance to the clerical establishment and its hardline authority, Supreme Leader Ayatollah Ali Khamenei.

Iran's economic chaos sparked mass anti-government protests at the end of a year ago which resulted in almost 5,000 reported arrests and at least 25 people being killed.

During the rallies, the demonstrators chanted slogans against the US and Israel and condemned US President Donald Trump's aggressive policies and stances against the Islamic Republic.

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