Closed bank, mothballed planes: Iran mocks United States sanctions list

Closed bank, mothballed planes: Iran mocks United States sanctions list

WASHINGTON/SEOUL‚ South Korea-The United States snapped sanctions back in place on November 5 to choke off Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.

In a speech on state TV, Iranian President Hassan Rohani earlier said the country was facing a "war situation" and vowed that Iran will "proudly bypass" U.S. sanctions to sell oil. Russia, the United States and Saudi Arabia combined produced more than 33 million bpd for the first time in October, enough to meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran's oil exports and revenues.

Anadolu quoted Erdogan as saying: "We do not find sanctions to be right because to us, they are sanctions aimed at upsetting the global balance".

Concerns about oil demand weighed on prices.

Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

The new sanctions particularly hurt Iran's vital oil industry, which provides a crucial source of hard currency.

Currently, India pays its third largest oil supplier in euros using European banking channels.

'The sanctions will accelerate the rapid decline of Iran's worldwide economic activity, saying over 20 countries had already cut their oil intake from Iran, reducing its exports by more than 1 million barrels a day, rfe/rl reported quoting Pompeo.




Joint output from the world's top producers-Russia, the United States, and Saudi Arabia-in October rose above 33 million bpd for the first time, up 10 million bpd since 2010.

This group of eight buyers imported over 80% of Iran's roughly 2.6 million barrels per day (bpd) of oil exports a year ago, Refiniv Eikon data shows.

Russian Foreign Minister Sergei Lavrov says the decision of the United States to re-impose sanctions on Iran "is not legitimate" and that the rest of the parties in the 2015 nuclear deal abandoned by Washington are working to make economic cooperation with Tehran possible.

House Democratic Whip Steny H Hoyer said, "Rather than achieving its stated goal of eliminating Iran's oil exports altogether, the administration has issued "exemptions" for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale".

Trump pulled America out of the 2015 nuclear deal Iran struck with world powers in May.

"This is only the beginning of the Iranian production curtailment story, not the end", said Michael Tran, commodity strategist at RBC Capital Markets.

President Donald Trump's administration reinstated all remaining sanctions on Iran on Monday. Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions.

After the US' withdrawal from the deal, Trump signed fresh sanctions against Iran, which claims its nuclear programme is peaceful and for civilian goal.

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