U.S. Iran Sanctions Take Effect, No Word Yet On Waiver Countries

Saudi oil output capacity may be close to maxing out

Saudi oil output capacity may be close to maxing out

The SWIFT banking network, the backbone for global monetary transfers, said Monday it has suspended several Iranian banks from its service, after the usa reimposed nuclear sanctions on Tehran.

The diplomat suggested that countries were beginning to see through the frequent use of the Iranian threat by the United States and its allies in shaping Middle East policy.

The only support for the USA position has come from Iran's regional rivals, notably Saudi Arabia and Israel, whose prime minister, Benjamin Netanyahu, hailed the start of sanctions as "a historic day".

President Tayyip Erdogan said on Tuesday that Turkey, one of those countries, would not abide by the sanctions, which he said were "aimed at unbalancing the world". "Today the USA is executing on the final actions to withdraw from the Obama administration's fatally flawed Iran deal", Mr Mnuchin said. The U.S. wants to reduce Iran's oil exports to zero, but the waivers ensure this will not happen, at least in the short term.

The latest USA sanctions against Tehran are an attempt by Washington to impose a vision of American nationalism upon the rest of the world, and are not just about Iran, a senior Iranian diplomat has said.

Seeking to deflect criticism from some Iran hawks concerned that the sanctions don't go far enough, Pompeo stressed that U.S. pressure on countries to stop buying Iranian oil had already reduced its exports by more than a million barrels of crude per day costing the country $2.5 billion revenue.

During the dialogue, the Indian side had "frankly" put across their position on oil imports from Iran.

Meanwhile, Iran responded to the US's tough new sanctions with air defence drills and confident, confrontational rhetoric.

Rouhani added that his country would resist efforts to punish it for its disputed nuclear program. Japan and South Korea were previously reported to have fully ceased oil purchases from Iran.

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Germany vowed Monday to continue legitimate business relations with Iran under European Union law, despite the USA decision.

"We'll see what happens with Iran".

India's oil minister Dharmendra Pradhan confirmed on Saturday that the country, Iran's top oil client after China, had won a waiver from the United States sanctions after a "forceful campaign" by prime minister Narendra Modi.

The revenue Iran will receive from further oil sales with the eight nations will be held in foreign bank accounts, with the money only being released for purchase of humanitarian goods or a narrow range of non-sanctioned goods, according to Pompeo.

Iran's economy has faced stagnant growth and high unemployment, even after sanctions were lifted following the nuclear deal it negotiated with world powers. A Democratic win could also harm US-Israel ties. Imposing maximal economic pressure on Iran is vital for getting Tehran back to the table, he said.

In August, the European Commission revamped its Blocking Statute, a 1995 law created to help European companies and banks recover damages arising from United States sanctions on third parties.

Support from Iran and Russian Federation has allowed the regime of dictator Bashar al-Assad to remain in power.

But Foreign Minister Mohammad Javad Zarif, in an interview published Monday with USA Today, said Iran would consider fresh diplomacy if there were a "different approach" by Washington.

India hopes to continue to buy about 1.25 million tonnes of oil a month until the end of the fiscal year to March 31, unchanged from November's level, a government official said.

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