India's Exemption From Iran Sanctions Result of 'Tough' Talks With US

  • India's Exemption From Iran Sanctions Result of 'Tough' Talks With US

India's Exemption From Iran Sanctions Result of 'Tough' Talks With US

Trump administration provides details on sanctions against Iran that snapped back into place on Monday.

The nations of South Korea, China, India, Italy, Greece, Japan, Taiwan and Turkey have been given a temporary exemption of the oil embargo to ensure the well-supplied oil market. "We are in the war situation", Rouhani said.

The remaining members believe the agreement is working as intended and is keeping Iran from obtaining nuclear weapons for now.

The European Union, France, Germany, Britain and Russian Federation, participants with the United States in the 2015 deal that lifted sanctions on Iran in exchange for curbs on its nuclear program, have all objected to the reimposition of sanctions.

United States Secretary of State Mike Pompeo and Secretary of Treasury Steven Mnuchin announced the imposing of a second round of sanctions on Iran, calling the regime a destabilizing force in the Middle East.

Fresh U.S. sanctions against Iran, labeled by President Donald Trump as the "strongest ever", have taken effect against the country's energy, shipping, shipbuilding, and financial sectors.

It offered Iran sanctions relief in exchange for reducing its nuclear development.

"The Americans constantly said they would reduce the sale of Iran's oil to zero but I have to say that, so far, we have been able to sell our required amounts of oil", Tasnim news agency quoted Iranian Vice President Eshaq Jahangiri as saying. Foreign Minister Mohammad Javad Zarif said U.S. "bullying" was backfiring by making Washington more isolated, a reference to other world powers opposed to the initiative.

"We're going to have sanctions that even go beyond this".

"We've already reduced Iranian crude oil exports by over a million barrels per day".

These concessions, first reported last week by the Washington Free Beacon and subsequently confirmed by numerous publications, have riled Iran hawks on Capitol Hill and elsewhere who have long fought to close all existing loopholes in USA sanctions. "Today the enemy (the United States) is targeting our economy. the main target of sanctions is our people", Rouhani said. I could get the Iran oil down to zero immediately but it would cause a shock to the market.

"The Iranian people have had 39 years of economic mismanagement. We are prepared to resist any pressure", Rouhani said.

The Belgium-based SWIFT financial messaging service said it is suspending some unspecified Iranian banks' access to its messaging system in the interests of the stability and integrity of the global financial system.

Sanctions have already cost Iran billions of dollars in oil revenue since May, US Special Representative for Iran Brian Hook told reporters on a call on Monday.

"Any financial institution, company, or individual who evades our sanctions risks losing access to the U.S. financial system and the ability to do business with the United States or USA companies", Mnuchin said. The latest round largely targets oil exports from Iran, OPEC's third-largest crude producer.

The Iranian official insisted the country had cooperated fully in the implementation of the JCPOA, but could not tolerate having to abide by the agreement but also endure sanctions.

The US has exempted three Iranian nuclear sites from sanctions, but warned that they will be under strict scrutiny, the State Department said.

On Monday, worldwide benchmark Brent crude oil futures were up almost 0.8 percent to $73.41 per barrel and USA crude futures were at $63.41, up 0.4 percent.

"Moscow will do everything it can to preserve and expand global trade, economic and financial cooperation with Iran despite the USA sanctions", the state-run TASS news agency declares, citing the Russian foreign ministry.

The curbs come as the United States is focused on U.S. congressional and gubernatorial elections on Tuesday. "It's the reason for President Trump's policy".

"These exemptions are premised on significant reductions of Iranian oil imports by countries such as China and Turkey when there is minimal evidence of such reductions".

China is carrying out "normal cooperation" with Iran, Hua said, dodging a direct reply to a question whether China had been issued a waiver, just hours before the official notice from Washington.