Tuesday, 20 November, 2018

USA sanctions kick in, India can buy Iran oil for now

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance Saudi oil output capacity may be close to maxing out Saudi oil output capacity may be close to maxing out
Russell Knight | 07 November, 2018, 00:05

On Monday, the US reimposed sanctions targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran.

His comments echoed the defiant response of other Iranian leaders to the move by the administration of US President Donald Trump, who defied global opposition in May to unilaterally abandon the agreement.

"The US maintains it will do that but actually I think it's speaking slightly with a forked tongue because, although they will sometimes allow pharmaceuticals to get through and not be subject to American sanctions, the banks will not finance such trade and will not process payments".

The blacklisted companies include 50 Iranian banks, an Iranian airline and dozens of its planes, as well as officials and vessels in Iran's shipping and energy sectors.

'We are in the war situation, ' he said.

With Russia, China and key European allies all saying they remain committed to the 2015 nuclear deal, it remains to be seen whether the us penalties force them to comply or drive their companies away from Iran. "Right now they just want to survive".

U.S. officials have said the aim of the sanctions is eventually to stop all Iran's oil exports.

Pompeo said that more than 20 nations have already reduced oil imports from Iran and that exports have dropped by a million barrels a day.

Switzerland said it was holding talks with the United States and Iran about launching a humanitarian payment channel to help food and drugs keep flowing to Tehran.

His remarks provide an insight into Iran's diplomatic response based on an effort to isolate the United States by driving a wedge between it and European countries.

Ryan Burnett: Dave ‘Boy’ McAuley gives backing to Belfast ‘star’
Other results saw Inoue stop Jua Carlos Parayano on October 7 and Tete win by decision over Mikhail Aloyan on October 17. So at the moment, I really didn't know what was going on with it.

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He said: "We see this pattern time and time again - all around the world - and we don't really understand why it is". They brought the victim to his own yacht, where most of the group had medical backgrounds, including two doctors.

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In a statement, the organization said, "Avni was killed illegally, satisfying a hunter's lust for blood..." A man-eater tigress Avni was killed in Yavatmal district forest of Maharashtra , news agency ANI reported.

Pompeo announced on Friday that the administration would allow several countries to continue importing Iranian oil beyond its November 4 deadline.

An effigy of U.S. government icon "Uncle Sam" is held up by demonstrators during a rally in front of the former U.S. Embassy in Tehran, Iran, on Sunday, Nov. 4, 2018, marking the 39th anniversary of the seizure of the embassy.

In reaction, a senior Iranian official who declined to be identified said Tehran was not concerned about the sanctions and will not yield to pressure to change its policies.

Iran's economy has faced stagnant growth and high unemployment, even after sanctions were lifted following the nuclear deal it negotiated with world powers.

Iran is already facing an economic crisis.

Iranian army general Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard are taking part in the exercise.

The measures, suspended in 2016, largely target Iran's oil exports by seeking to block dealings with Iran's banks, as well as its shipping and aviation industries.

Ellen R. Wald, a nonresident senior fellow with the Atlantic Council think tank's Global Energy Center, noted reports of ghost ships "turning off [their tracking devices] for longer periods" and paving the way for ship-to-ship oil transfers and cash sales on the high seas without worldwide detection.

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.

He said the Iranian economy was struggling because of the government's "negligence of its own people". USA officials said they expect the exempted companies to eventually cut all Iranian deals, but the waivers offer another avenue for Tehran to fight the sanctions.

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