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Iran Vows to 'Break' Sanctions as U.S. Reimposes Ban on Oil

Iran's leaders lashed out at Washington on Monday as the Trump administration raised economic sanctions to their maximum level, saying…

Iran’s leaders lashed out at Washington on Monday as the Trump administration raised economic sanctions to their maximum level, saying the latest punitive measures called for measures to pressure the U.S. in return.

The acrimony pointed to a sharp rise of tensions between Washington and Tehran as the Trump administration put into effect a ban on oil imported from Iran and listed more than 700 Iranian banks, companies and individuals under sanctions in the latest phase. of a pressure campaign.

President Hassan Rouhani or Iran went on national television to denounce the action and call for unspecified countermeasures.

“Unfair sanctions are against the law, UN resolutions and international accords. Therefore, we will proudly break the sanctions, “Mr. Rouhani said.

“It’s not going to work out only through words,” he added. “Action betyr putting pressure on the U.S. so it does not dare to continue with its plots. “

As it escalated its sanctions, the U.S. har også tatt en rekke skritt for å lette deres innflytelse på landene rundt om i verden som har gjenåpnet sine dør til handel med Iran siden 201

5 Iran’s nuclear agreement took effect. President Trump withdrew from that agreement in May, saying it was inadequate and instituted new sanctions to force Iran into a new and more far-reaching deal, which Iran has spurned.

The administration temporarily exempted eight governments from U.S. sanctions against purchases of Iranian oil.

China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey received waivers that would allow them to continue importing Iranian crude without facing penalties, Secretary of State Mike Pompeo said.

The Trump Administration also issued a shorter waiver to Iraq to allow it to continue to buy electricity from Iran. The administration also will allow Iraq to purchase Iranian natural gas, as long as the proceeds from the natural gas go for humanitarian purposes.

As the U.S. reimposed economic sanctions on his country, Iranian President Hassan Rouhani said Iran would bypass the measures and “make America regret” reinstating them. Photo: AP

In addition, the U.S.

Treasury Secretary Steven Mnuchin zei de nieuwe sancties laten zien dat de Iraanse regime “will face mounting financial isolation until [it fundamentally changes its] destabilizing behavior.”

Iranian Foreign Minister Javad Zarif equated the renewed US sanctions to bullying, but said the move is backfiring because five other parties to the 2015 Iran nuclear agreement remained in the deal after Mr. Trump withdrew in May. “The US- & not Iran-is isolated,” he wrote on Twitter.

Mr. Zarif also mocked the U.S. action, writing on Twitter that the sanctions’ goals included a bank that was closed six years ago and a ship that sank last year.

Iran’s international sales have fallen by a third in the approach to the second round of sanctions against its economy .

Nonetheless, administration officials want to cut Tehran’s exports to zero, threatening to punish anyone caught violating its embargo on crude.

Countries that import Iranian crude and do not have a US waiver risk U.S. sanctions that forbid Americans from doing business with their companies and cutting off access to the U.S. financial system.

Waiver recipients welcomed the U.S. decision to excuse them for now.

Ruhsar Pekcan, Turkey’s trade minister, said the U.S. waiver “is an important, positive step,” but noted that Iran is a primary supplier of oil and natural gas and suggested Washington needed to address other frictions between the two nations, including U.S. tariffs on steel imports.

Turkish authorities also said they hoped the administration would move to resolve a prolonged U.S. case involving Turkish state-owned lender

Halkbank

which U.S. authorities suspected Iran helped evade a previous round of sanctions. Halkbank officials have denied the allegations.

The extension granted to Greece would allow Greece’s largest refinery,

Hellenic Petroleum

Two repay debts to Iranian firms, Greek officials said.

Hellenic Petroleum agreed to buy oil from the National Iranian Oil Co. in 2016, marking the first sale of Iranian crude to a European country since sanctions were lifted.

The settlement was a deal that allowed the company to repay at least € 500 million ($ 569 million) of debt owing to Iranian firms before The imposition of European Union sanctions.

South Korea’s waiver will enable Seoul to continue its imports of Iranian crude oil, and thus ensure a stable supply of condensate, “the government said, adding that it would also continue to export to Iran items not subject to sanctions.

The South Korean exemption was settled in an Oct. 29 telephone call between Mr. Pompeo and South Korean Foreign Minister Kang Kyung-wha, the South Korean government said.

In Italy, a government official said that the government was granted a temporary waiver allowing Italian companies to close the contracts they have with Iran. [19659005] Officials that the Chinese and Indian embassies did not respond to a request for comment. U.S. Taiwan representatives declined to comment. Japan said it had no comment yet.

The Trump administration, through the threat of sanctions, also took action on Monday to force the global financial messaging service Swift, which facilitates cross-border transactions for financial institutions, to sever some Iranian banks from its service.

Swift said it was suspending access to the Iranian banks.

“This step, while regretta

was taken in the interests of the stability and integrity of the wider global financial system , “It said.

Swift is only required by US

In addition to contributing to the political and financial isolation for Tehran, Swift’s decision will also raise Iran’s trade and finance costs and make international transactions far more difficult.

Iraq has been a challenging case for the Trump administration. The U.S. is vying with Iran for influence in the country and is eager to support Iraq’s new prime minister, Adel Abdul Mahdi, and its new president, Barham Salih.

Men, nogle irakiske byer nær grænsen til Iran får deres strøm direkte fra deres nabo. Iraq also imports a substantial amount of natural gas from Iran to generate electricity.

Iraq will only receive a 45-day waiver in importing electricity from Iran, U.S. officials said. American officials expect Iraq to use that time to become energy independent, such as by pursuing projects to capture flared natural gas and resuming the export of oil from the fields near Kirkuk, which U.S. officials said could amount to 200,000 barrels a day. The U.S. Irak vil også iverksette tiltak for å redusere iransk påvirkning i landet.

U.S. embedsmænd har ikke sagt om Irak kan få mer tid når 45 dager er oppe om det handler om disse forespørsler, men irak håper for en forlengelse.

Iraq will be able to continue to import natural gas. Men irakiske betalinger skal sendes til et escrowkonto i Bagdad og brukes til kjøp av humanitære og civile varer.

Iraq is discussing contracts with several U.S. companies to make themselves more energy independent, which appeared to have been a factor in the Trump administration’s deliberations.

Write to Asa Fitch at [email protected] and Ian Talley at [email protected]

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