As US sanctions resume, Rouhani vows to keep selling oil

As US sanctions resume, Rouhani vows to keep selling oil

The United States has chose to issue temporary allotments to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey to continue importing Iranian oil, due to the specific countries' circumstances and to ensure a well-supplied oil market, U.S. Secretary of State Mike Pompeo said on Monday, the day on which U.S. sanctions on Iranian oil return.

Iranian officials say the country has the required means to ward off the impacts of U.S. sanctions, stressing that a major share of those means could specifically be helpful once the Islamic Republic looks internally.

Iranian President Hassan Rouhani vowed to "proudly break the unjust sanctions" the Trump administration re-imposed on Monday amid warnings that the sanctions will primarily impact the Iranian people and that U.S. President Donald Trump intends to destabilize the nation rather than improve diplomatic relations or the nuclear treaty from which Trump withdrew earlier this year.

US Secretary of State Mike Pompeo said the waivers, which expire in six months, were necessary to avoid disruption of world oil markets and to give the eight countries more time to eliminate their imports.

The exemptions were granted with the understanding that the countries will seek to reduce their imports to zero.

China says it is conducting normal cooperation with Iran within framework of worldwide law. Similarly, Secretary Mnuchin said a list of banks subject to the new sanctions would also be provided on Monday. "We are confronting a bullying enemy", he said.

Iran's economy was already suffering major structural problems - including widespread corruption, weak investment and a banking sector laden with toxic assets - before Trump walked out of the deal. "But they're not doing very well", he said.

When Trump announced a first round of sanctions in May, the German government and the European Union promised they would shield German and European companies from the effect of the measures.




However, the Europeans need to figure out a way to maintain that trade with Iran without enraging the U.S. As reported Monday by the Financial Times, the EU has been preparing a "special goal vehicle" to safeguard that trade, but it's not yet ready.

Iran is OPEC's third largest oil exporter. Several countries, however, including China, India and Turkey have indicated they are not willing to entirely cut their Iranian energy purchases.

Tehran branded the sanctions economic warfare and vowed to defy the measures as the United States threatened further action. But he insisted that Iran still can rely on its allies China and Russian Federation to keep its oil and banking sectors afloat. "America has been defeated by the Islamic Republic over the past 40 years", he said. "Act on your commitments, and we will sit and talk", he said.

"Petrochemicals are key to our economy, and we stressed that if we're hit by the Iran sanctions, it would pose grave challenges to our whole economy", the official said, requesting anonymity due to the sensitivity of the issue.

The U.S. says the sanctions are not aimed at toppling the government, but at persuading it to radically change its policies, including its support for regional militant groups and its development of long-range ballistic missiles.

The sanctions take effect six months after President Donald Trump pulled out of the 2015 Iran nuclear deal, saying the U.S. could not prevent an Iranian nuclear bomb under the "decaying and rotten structure of the current agreement".

The new sanctions threaten any company or individual, American or not, who buys Iranian oil, invests in its energy sector, or uses Iranian banks or shipping lines.

He hammered the Iran nuclear deal on the campaign trail, and rebuffed pleas by Mrs May and other world leaders to stick to it once in power.

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