Published: Sun, August 05, 2018
Business | By Eloise Houston

Iran receives new airplanes, a day before U.S. starts reimposing sanctions

Iran receives new airplanes, a day before U.S. starts reimposing sanctions

Iranian President Hassan Rouhani has warned the United States against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

The arrival of the ATR72-600 airplanes at Tehran's Mehrabad International Airport represented perhaps the last benefits Iran will see under the nuclear deal after President Donald Trump withdrew from it in May.

ATR, jointly owned by European consortium Airbus and Italy's Leonardo, has been pushing USA officials to allow it to finish its delivery of aircraft to Iran.

"China always holds the view that JCPOA is a multilateral deal which is verified and approved by the United Nations Security Council and accords the common interests of all parties and the global community, which must be respected and safeguarded so as to maintain the authority of the United Nations, the effectiveness of multilateral deals and the credibility of the worldwide rules", Yi reportedly said.

Another expert who foresees tightening was far more outspoken in his short-term forecast: Stephen Brennock, oil analyst at PVM Oil Associates, stated in a note on Friday that "Venezuela's ticking time bomb together with the return of Iran's oil industry to the sanctions era has all the makings for a major supply shock". He has called for a new accord that would include a radical transformation of Iran's policies, including its military support for the Syrian government and regional militant groups, two issues not covered by the 2015 deal.

In recent days, protests have broken out in several cities, with at least one person shot and killed.

She said the collapse in the rial, which has lost more than half its value since April, was driven by people rushing to secure their savings in dollars because they lack faith in the government.

India's oil imports from Iran last month soared by 85 percent from the 415,000 bpd shipments in July 2017, according to the data obtained by Reuters. The Trump administration said it wanted Iran's oil customers to stop imports by then.

Some sanctions will take effect from August 6 while others, notably on the petroleum sector, will take effect on Nov 4.

While South Korea has halted imports from Iran and reports in India indicate it may also bow to the U.S. campaign, Washington's entreaties to Beijing have proved fruitless, two unnamed officials told Bloomberg.

Sharif "expressed satisfaction over the successful conduct of the Guards naval exercise, emphasising the need to maintain and enhance defence readiness and the security of the Gulf and the Strait of Hormuz and to confront threats and potential adventurous acts of enemies", IRNA said.

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