Published: Wed, November 07, 2018
Money | By Ralph Mccoy

China Vows To Continue Iran Trade Despite US Oil Sanctions

China Vows To Continue Iran Trade Despite US Oil Sanctions

The State Department on Monday confirmed the Free Beacon's reporting, issuing a statement admitting to granting waivers for nuclear projects in Iran. In July and August, oil purchases from Iran totaled to 867.3 million tons and 674.3 million tons.

Oil markets have been preparing for the sanctions for months.

Iraq has also been given an exemption, Brian Hook, the USA special representative for Iran, told reporters in a conference call, saying Iraq was working "on reducing Iran's influence and opening Kirkuk, which would be another 200,000 barrels of oil". The country also imports oil via pipelines from Iraq and Azerbaijan. However, geographical proximity and stable transport routes facilitate oil trade between Ankara and Tehran.

"Today, Iran is able to sell its oil and it will sell", Rouhani vowed Monday as the sanctions kicked in.

In a gaffe which drew immediate ridicule, the U.S. sanctions targeted the oil tanker Sanchi that sank off the coast of China in January and Tat Bank, which was dissolved in 2012.

While the Emirati government so far appears poised to go along with the Trump administration, USA officials know that the regional geography makes it a sought-after haven for smugglers seeking to evade Washington's sanctions.

"These exemptions are premised on significant reductions of Iranian oil imports by countries such as China and Turkey when there is minimal evidence of such reductions".

"With the oil, it's very interesting".

The news on the exemptions helped lower the cost of oil on global markets.

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In September this year, during the Indo-US 2+2 dialogue, the US had told the Indian side that it was not in Washington's interest to damage the Indian economy.

"America wanted to cut to zero Iran's oil sales... but we will continue to sell our oil... to break sanctions", he said. Moreover, the European Union and the other world powers are making every effort to torpedo the American sanctions.

The sweeping USA sanctions will be debilitating to the government's day-to-day running of the country. He also announced that he would reinstate sanctions against Tehran, which were lifted by the agreement in exchange for tight restrictions on the country's nuclear program.

Sanctions have already cost Iran billions of dollars in oil revenue since May, US Special Representative for Iran Brian Hook told reporters on a call on Monday.

The sanctions cover 50 Iranian banks and subsidiaries, more than 200 people and vessels in its shipping sector, and targets Tehran's national airline, Iran Air, and more than 65 of its aircraft, a US Treasury statement said. "This oversight enhances our ability to constrain Iran's program and keep the pressure on the regime while we pursue a new, stronger deal". "They are hoping the Trump administration is a one-term presidency and they can survive this out".

Imposing maximal economic pressure on Iran is vital for getting Tehran back to the table, he said.

The Trump administration's tough new sanctions on Iran have taken effect, but eight major importers of Iranian oil are being spared from immediate penalties.

The Brussels-based Swift network for making worldwide payments has confirmed it will cut off links with some Iranian banks, isolating Iran from the global financial system.

All of the other signatories have argued the agreement is the best way to ensure Iran does not develop nuclear weapons, and Iranian officials have pledged to remain a party as long as the other non-U.S. parties continue observing it.

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