EU expresses deep regret over US-Iran sanctions

Charlene Craig
November 4, 2018

However, a source close to the project say executives at Zarubezhneft have scrapped the deal ahead as further USA sanctions are about to come into force against Iran, according to Reuters. On Monday, the United States pullout from that deal will be complete, with sanctions back in place.

The other prove to this failure is a report by Bloomberg on Friday that quoted a US official as announcing that eight countries, including South Korea, Japan and India have received waivers from the USA government to keep buying Iranian oil after the reimposition of sanctions on Tehran from November 4.

Trump had pulled the United States out of the 2015 Iran deal, called the Joint Comprehensive Plan of Action (JCPOA), in May calling it the worst deal in history, and continues to rail against it; on Friday he called it "horrible, one-sided " and "disastrous".

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Iran is heavily dependent on its exports of oil, and renewed sanctions, if effective, would hit the economy hard. "The other six will import at greatly reduced levels", U.S. Secretary of State Mike Pompeo said.

Trump has made it clear that he is unhappy with Iran's regional meddling, such as Tehran's involvement in the wars in Syria and Yemen.

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Earlier, Bloomberg reported that South Korea, India, and Japan are among the exempted countries.

Analysts don't expect a complete halt, but there's a growing consensus that Trump's tough stance means crude exports will plunge further than during a previous round of sanctions under Barack Obama's administration in 2012.

Iran can then use the payment as credit to buy goods from other countries in the European Union through the SPV.

"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. "Things are tightening up".

A source said: "Zarubezhneft left all the projects in Iran due to sanctions. There will be a black market for Iranian crude", Hajji told AFP.

"European companies have fled Iran in great numbers".

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In an interview with "Fox News Sunday", Pompeo refused to reveal which countries received waivers from USA sanctions to continue importing Iranian oil.

Iran says it's confident sales will hold above 1 million barrels a day.

The seizure of the United States embassy by radical students was a key stage in the Islamic revolution of 1979, leading to a 444-day hostage crisis that permanently damaged relations between Washington and Tehran.

While the USA had previously wanted countries including India to completely halt oil purchases from Iran by 4 November when its full sanctions against Tehran come into force, it seems to have relented considering the havoc the move to completely take out Iranian supplies from the market would have had on prices.

The Trump administration has looked to other Middle Eastern producers, most notably Saudi Arabia, to increase production.

The extent to which the kingdom can keep this up in the coming months depends on how many idle oil fields it's able to tap.

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Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Saturday the U.S. has been trying for the past 40 years to regain the domination it had over Iran under the Shah but to no avail.

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