Published: Mon, November 05, 2018
Business | By Eloise Houston

United States unleashes "toughest ever" sanctions on Iran

United States unleashes

"America wanted to cut to zero Iran's oil sales.but we will continue to sell our break sanctions", Rouhani told economists, adding the sanctions were illegal and unfair.

China denounced new United States sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

China says it regrets the US decision to re-impose sanctions on Iran but will continue to uphold the nuclear deal Beijing agreed to as a permanent member of the United Nations Security Council.

Another said: "America is not our enemy, our enemies have taken us as hostages in our own home [country]". But "Iran has weathered multiple rounds of sanctions before".

Mr Rouhani said: "Today, Iran is able to sell its oil and it will sell". "No one's going to argue that Secretary Pompeo isn't tough on Iran and no one is going to argue that President Trump isn't doing the same".

"The expected U.S. waiver for India is a good development that should allow the country to continue getting its share of oil on attractive terms from Iran".

The Trump administration is maintaining a delicate balancing act with waivers to ensure calm in the oil market on supply as well as price front, while ensuring that Tehran doesn't collect revenue enough to make United States sanctions irrelevant.

Speaking with the reporters at the White House on Friday before leaving on a campaign trail, Trump said Iran was not the same country which it was when he started nearly two years ago.

"Switzerland is committed to safeguarding Swiss economic interests and closely follows the development of the situation".

Israeli Defense Minister Avigdor Lieberman has welcomed the new package of anti-Tehran sanctions, introduced by President Donald Trump's administration, describing the restrictions as a "critical blow" to the Islamic Republic's position in the region.

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. "Sanctions waivers being given to key purchasers of Iranian oil, most alarmingly China, give Iran a financial reprieve, and should be eliminated as soon as possible".

The US will reimpose on Monday more sanctions lifted under a 2015 nuclear pact world powers struck with Iran.

Senator Marco Rubio of the Senate Foreign Relations Committee responded to the administration's announcement, specifically noting the SWIFT transactions issues as well as the issuance of SREs: "More must be done to press the SWIFT financial messaging service to once again sever connections with the Central Bank of Iran and other sanctioned Iranian banks by a certain date". The US imposed a first round of sanctions on Iran in August and Monday marked the second round of sanctions that went into effect.

"This loophole allowed millions of dollars to continue to flow to the regime", said Secretary of State Mike Pompeo.

'We are in the war situation, ' he said.

"The Journal supports the policy as announced in a short editorial (accessible here on Outline): "The U.S. retains the flexibility to tighten sanctions further in coming months [.]" The editorial also provides this somewhat more persuasive response to Gordon's Wall Street Journal article: "[Today's] measures will deprive the rulers in Tehran of more cash for their foreign adventures". "That is who really understands the actions we are taking", he added.

The other major oil producing countries are expected to ramp up production to try and compensate for Iran's anticipated decline in output.

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