Iran sanctions: U.S. can't stop our oil exports, says minister

Cheryl Sanders
August 9, 2018

Iranian Foreign Minister Mohammad Javad Zarif branded as doomed to fail the USA attempt of stopping Tehran from exporting oil.

Iran's currency has been in steady decline since the start of the year as the country anxiously awaits the re-imposition of full U.S. sanctions, trading at record lows and losing almost two-thirds of its value against the dollar.

Iranian President Hassan Rouhani, speaking in a meeting with North Korea's foreign minister, said that America could not be trusted, according to the Islamic Republic News Agency.

Trump responded by noting that Iran could face serious consequences if it threatened the United States.

Heiko Maas said ongoing unrest in Iran - worsened by the sanctions imposed on Monday - could 'boost radical and fundamentalist forces'.

Before Trump withdrew from the deal, France's Emmanuel Macron, Germany's Angela Merkel and Britain's Theresa May had pleaded with the president to give them leeway to address his concerns in a "side deal", a new negotiation to limit Iran's missiles, extend the term of the original Iran deal, and confront Iran's support for terrorism.

Tuesday's sanctions target Iran's purchases of US dollars, metals trading, coal, industrial software and the auto sector.

"These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level".

The institutions had managed to grow their capital by offering interest rates that were much higher than those set by the Central Bank.

The withdrawal of the United States from a landmark 2015 nuclear deal led to the first tranche of related sanctions being reimposed on Tuesday.

"Tantrums & CAPPED TWEETS won't change the fact that the world is sick & exhausted of USA unilateralism".

"Stopping US trade and killing 100K US jobs is fine with us, but the world won't follow impulsive tweeted diktats. Just ask EU, Russia, China & dozens of our other trading partners", he wrote.

In an interview with the Iran newspaper published on Wednesday, Mr Zarif said the Trump administration's stated aim of cutting Iranian oil exports to zero was "meaningless" and "impossible". "But now, all the countries in the world are supporting Iran".

"They can't think that Iran won't export oil and others will export".

"As a result of these measures, the United States has been isolated".

While cheered by Prime Minister Benjamin Netanyahu and other senior Israeli officials, the reimposition of United States sanctions was bemoaned by the nuclear deal's European signatories and the EU, which defended the accord and vowed to protect European firms from United States economic penalties.

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