Tuesday, 20 November, 2018

Asian, European friends rally behind Iran amid sanctions

Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.' 'Death to America': Iranians take to the streets on the eve of US sanctions
Russell Knight | 05 November, 2018, 16:25

Israel has been a fierce opponent of the 2015 Iran nuclear deal from which the USA withdrew this year, saying the deal didn't rein in Iran's regional military activities. "The authorities are in direct contact with the competent authorities of the United States, the European Union and Iran", the State Secretariat for Economic Affairs (SECO) said.

South Korea, one of Asia's biggest buyers of Iranian oil, last week asked the United States for "maximum flexibility" after some of its construction firms cancelled energy-related contracts in the Islamic Republic because of financing difficulties.

Bloomberg News reported that China was negotiating to continue purchasing Iranian oil under an SRE, and that similar agreements were already reached with Japan, India, and South Korea (citing a senior administration official and other anonymous sources).

Iran's economy has been hit hard, with the country's currency, the rial, plummeting in value, leading to some street protests in Iranian cities.

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.

In an interview with "Fox News Sunday", Pompeo refused to reveal which countries received waivers from US sanctions to continue importing Iranian oil. In fact, the U.S. has indicated intent of supplying $2.5-3 billion oil and gas at short notice if India needed it to meet the shortfall arising out of cut in Iranian oil imports. America should learn that it can not use the language of force against Iran ... "We have to stand to win." the president said. He said the list would be provided on Monday, when the new sanctions are set to take effect. We are confronting a bullying enemy. "The US - and not Iran - is isolated", Zarif said in a tweet. In his presidential statement, Trump called on the regime to abandon its nuclear ambitions, change its "destructive behaviour", respect the rights of its people, and return in good faith to the negotiating table.

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Telecommunication Minister Mohammad Javad Azeri Jahromi and his deputy, Hamid Fatahi, both tweeted about the attack on Monday - the same day USA sanctions on the country once lifted by the nuclear deal resumed.

"These negotiations are still ongoing", said US Secretary of State Mike Pompeo.

The countries will deposit Iran's revenue in an escrow account, US officials have said.

The Trump administration is reinstating all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it.

Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production. However, he confirmed that eight countries had permission to keep buying Iranian oil for the time being, despite earlier threats of a tough line.

It would mean that India would possibly use escrow accounts for payment against crude oil imports, possibly in the rupee, and may cut its import a bit but will certainly not stop oil imports from Iran.

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