United States will regret sanctions

Iranian Foreign Minister Mohammad Javad Zarif speaks at the Iranian Parliament in Tehran Iran

Iranian Foreign Minister Mohammad Javad Zarif speaks at the Iranian Parliament in Tehran Iran

While Iranian oil exports are expected to fall because of USA sanctions that took effect on Monday, reports from OPEC and other forecasters have indicated that the global market could see a 2019 supply surplus as demand slows. In addition, having initially talked of cutting Iranian oil shipments to zero, Washington gave waivers to eight customers, raising the prospect of more Iranian oil in the market than expected.

The foreign minister further stated that while previous US Presidents have also displayed "disrespectful attitudes" towards Iran, they have eventually changed their stance, and said the Trump administration will have to do the same.

With the 180 day grace period coming to an end on Monday, U.S. Secretary of State Mike Pompeo and U.S. Treasury Secretary Steven Mnuchin announced the return of U.S. sanctions on Iran.

Iran late a year ago inaugurated the port on the Indian Ocean which provides a key supply route to landlocked Afghanistan and allows India to bypass its arch-rival Pakistan.

In a relief for India, the United States has exempted New Delhi from the imposition of certain sanctions for the development of the strategically-located Chabahar Port in Iran as well as the construction of the railway line connecting it with Afghanistan.

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On November 5, the Trump administration had imposed the "toughest-ever" sanctions on Iran's banking, energy and shipping industries, in a move aimed at altering the "behaviour" of the country's regime.

Activities related to the development of the Chabahar port in Iran will be exempt from U.S sanctions that kicked in on Monday, following the 180 day cool-off period after the USA withdrew from the Joint Comprehensive Plan of Action (JCPOA or "Iran Deal") in May this year.

"The US will be granting these exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey".

When asked on the fate of Chabahar Port after the U.S. reimposed all its sanctions on Iran, the spokesperson said, "This exception relates to reconstruction assistance and economic development for Afghanistan". It is also considered a gateway to golden opportunities for trade by India, Iran and Afghanistan with central Asian countries besides ramping up trade among the three countries after Pakistan denied transit access to India.

The sanctions reimposed on Iran's oil exports - its main revenue source - and financial sector were triggered by US President Donald Trump's May 8 decision to abandon the 2015 global deal created to block Tehran's development of nuclear weapons.

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