Published: Sun, November 04, 2018
Markets | By Otis Pena

Iranians rally to mark anniversary of 1979 USA embassy takeover

Iranians rally to mark anniversary of 1979 USA embassy takeover

Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors.

Treasury Secretary Steve Mnuchin said the USA has "gone after the financial networks that the Iranian regime uses to fuel its terrorist proxies in Hezbollah and Hamas, to fund the Houthis in Yemen, and to support the brutal Assad regime in Syria".

Trump withdrew the United States from the 2015 Iranian nuclear deal in May and began reimposing sanctions on the Islamic republic in August. "A normal, stable and developing Iran is good for all concerned", Dr Gargash tweeted. The interests of the consuming nations can " t be overlooked, he said.

US President Donald Trump is about to reimpose tough sanctions on Iran's oil trader and banking system, a outcome of his withdrawal from the 2015 agreement to curb Tehran's nuclear program.

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Since that time, the U.S. president and key officials within his administration have repeatedly voiced their opposition to negotiating with Tehran, a position that pits Washington against several of its key European allies, which remain committed to the 2015 agreement.

The US will reimpose oil sanctions against Iran on Monday.

The US blacklist includes most major Iranian banks.

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The expected list of exemptions to eight jurisdictions, that too temporary, is far less than the 20 countries, including India, which were exempted from Iranian sanctions during the previous Obama administration, he said.

The ministry, in a statement, said the U.S. sanctions were a violation of the JCPOA, UN resolutions and "a neglect of humane, moral and ethical values".

U.S. secretary of state Mike Pompeo said Friday the exemptions were being given "only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves towards getting to zero crude oil importation".

United States oil futures climbed to a four-year high near US$77 a barrel last month on growing concerns there could be a shortage as sanctions bite deeper.

The top commander of Iran's elite Revolutionary Guards, Major General Mohammad Ali Jafari, said at the Tehran rally that Iran would resist and defeat a United States "psychological war" and the return of U.S. sanctions, meant to cripple the Islamic Republic's oil exports and financial institutions.

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.

"This part of the campaign is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world, Pompeo said".

Pompeo said Washington made a decision to issue the temporary waivers "only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts". "The Iranians have been able to continue their support to regional proxies and allies for 40 years despite economic pressure", said Ali Vaez of the International Crisis Group.

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