France, Germany, UK, EU condemn United States move reinstating all Iran sanctions

Andrew Cummings
November 4, 2018

"Either abandon its destructive behaviour or continue down the path toward economic disaster".

Pompeo brushed off European Union efforts to keep the Iran nuclear deal alive, noting "there has been an enormous departure of European businesses" since the USA announced it would withdraw from the 2015 agreement. "It is our aim to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law".

"This includes hundreds of targets previously granted sanctions relief under the JCPOA (the Iran nuclear deal formally known as the Joint Comprehensive Plan of Action), as well as more than 300 new designations", Mnuchin said.

Will there be enough oil for the world?

"I want to escape from Iran", said Essam, an accountant, who is disgusted with both the USA and Iranian governments.

Regarding China, he said the continuing trade war with the USA - with no sign of an end in sight - "will orientate China towards Iran" such that it will "seek to develop infrastructure there in the framework of its Belt Road Initiative and increase its trade and energy supplies from Iran".

"Never threaten Iran", he warned US President Donald Trump, describing him as America's "strange president". An Iranian foreign ministry spokesman said Iran was unconcerned at the return of sanctions, Reuters reports.

It is part of efforts by Iran and its customers to keep oil flowing ahead of a new United States embargo set to hit on Monday.

In the past, Israeli ministers have confided to the Post that Trump's trade war with China could undermine his drive to isolate Iran.

USA 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.

India is one of the countries expected to get the exemptions. Tehran accounts for 5 percent of Tokyo's total crude oil imports.

"Saudi Arabia can produce 12 million barrels a day, but only if it invests", said Hancock, noting that the country now produces just under 11 million barrels a day. We've been able to do that in a way that hasn't had a huge impact on crude oil prices.

Trump was, of course, referring to reimposing sanctions against Iran that had been lifted as part of an Obama-era nuclear agreement.

Turkey and Iraq will receive exemptions from United States sanctions on Iran when they come into force on Monday, according to officials from both countries.

Iran says it's confident sales will hold above 1 million barrels a day. Under US law, such exceptions can only be granted for up to 180 days.

On Friday, the United States said it would add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut off Tehran as Washington applies "maximum pressure" to cripple the country's economy. "In 2019, our projections are that oil supply will exceed demand, and that creates a much better atmosphere for us to bring remaining nations to zero as quickly as possible", Hook said.

In fact, on Thursday it was announced that the USA is giving India a waiver on oil sanctions in exchange for Delhi reducing its imports of Iranian oil by one-third.

Other reports by iNewsToday