Published: Mon, November 05, 2018
Economy | By

United States unleashes 'toughest ever' sanctions on Iran

United States unleashes 'toughest ever' sanctions on Iran

Israel has been a fierce opponent of the 2015 nuclear deal from which the US withdrew in May, saying the accord failed to rein in Iran's regional military threat.

The new American sanctions particularly hurt Iran's vital oil industry, a crucial source of hard currency for its anemic economy.

Trump told reporters Sunday as he left the White House for political rallies in the South that the sanctions, which include an oil embargo, are the strongest ever imposed by the United States.

Iran's foreign ministry is shrugging off the re-imposition of US sanctions on Iran, saying it's nothing new and that the country has gone through a wider range of sanctions in the past.

On late Friday, Turkey's Energy and Natural Resources Minister Fatih Donmez said they have information that the USA will grant Turkey a waiver to continue importing oil from Iran after sanctions, but they don't have all the details yet. "We have the knowledge and the capability to manage the country's economic affairs", Foreign Ministry spokesperson Bahram Qasemi told state TV on Friday. "The sanctions are truly coming", Netanyahu said.

The Islamic Revolution Guards Corps commander added, "Our enemies intend to isolate us like an island but today the page has turned and Americans themselves are being gradually isolated, as even their traditional allies" are distancing themselves from the U.S.

Later a senior State Department official told reporters that the USA was ready for talks with Iran.

President Donald Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States.

France, Germany, Britain and the European Union condemned the move, issuing a joint statement that pledges to protect European companies involved in "legitimate" business dealings with Tehran.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 US Embassy takeover as Washington restores all sanctions lifted under the nuclear deal.

"These negotiations are still ongoing", said US Secretary of State Mike Pompeo.

"We are in the war situation, " he said.

Rouhani said the case needs no mediation, adding that Iran would be ready to talk with the USA only when the Western country begins to comply with its commitments. For now, Iran continues to abide by the accord which saw it limit its enrichment of uranium. However, the reality is that the United States will not be able to reduce the sales of Iranian oil to zero, since India, China, Japan and a number of European countries made it clear that they are not going to stop buying oil from Iran.

The countries will deposit Iran's revenue in an escrow account and the funds will be used for humanitarian purposes, according to USA officials.

The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them. But Brent crude was steady at $72.83 by 1230 GMT.

It was site of worst hostage crisis in USA history when revolutionary students stormed in and took 52 staff hostage and the U.S. cut off diplomatic relations in response.

Pompeo responded by saying that no one would call either himself or President Trump soft on Iran.

The curbs come as the United States is focused on USA congressional and gubernatorial elections on Tuesday. Campaigning in Chattanooga, Tennessee, on Sunday, Trump said his "maximum pressure" against Iran was working. "Iran is a much different country since I terminated that deal".

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