Published: Mon, November 05, 2018
Markets | By Otis Pena

Iran marks U.S. embassy siege on eve of sanctions

Iran marks U.S. embassy siege on eve of sanctions

Iran greeted the re-imposition of US sanctions on Monday with air defense drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation", raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold.

While Iran braces for a new set of sanctions on Monday that will target its oil, shipping, energy and banking sectors, United States measures have already taken a heavy toll on the Islamic republic.

On the eve of renewed sanctions by Washington, Iranian protesters carry placards that mock President Donald Trump, Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman during a demonstration outside the former U.S. embassy in the Iranian capital Tehran on November 4, 2018, marking the anniversary of its storming by student protesters that triggered a hostage crisis in 1979.

As many countries that previously stopped buying oil from Iran are now being given permissions by the White House in the form of waivers to purchase Tehran's petro output, the Middle Eastern nation's exports are only set to rise, according to Bloomberg.

He said: "I announce that we will proudly bypass your illegal, unjust sanctions because it's against worldwide regulations".

A first set of sanctions announced 7 August prompted European automakers Daimler and PSA to quit Iran.

The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.

Thousands of other protesters pressed around the compound, responding to a call by the country's new leader, Ayatollah Khomeini, to attack United States and Israeli interests.

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Before travelling to a campaign rally for the U.S. midterm elections, President Trump said Iran was already struggling under his administration's policies.

"Never threaten Iran, ' he warned US President Donald Trump, describing him as America's 'strange president". "Over this 180-day wind-down period, what we have seen is firms and financial institutions have reacted very quickly; likely they had plans on the shelf as there was a snap-back scenario".

"Even European companies and governments are angry with America's policies", said Rouhani.

Asked about the prospect of the country restarting a nuclear program, Pompeo replied that "We're confident the Iranians will not make that decision" on CBS' "Face the Nation".

At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility toward the Islamic Republic, which he said had nevertheless prevailed.

Meanwhile, in Tehran, demonstrators poured onto the streets to mark the 39 anniversary of the occupation of the US embassy there, an action that precipitated a protracted hostage standoff that helped tank President Carter's chances at re-election and almost took down the Reagan administration amid the Iran-Contra scandal.

"This is an economic war against Iran but".

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