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techkenyot.com May 21, 2019


Iran vows to 'proudly bypass' US sanctions

05 November 2018, 04:27 | Hattie Nash

Iran vows to 'proudly bypass' US sanctions

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf

Pompeo said earlier on CBS' "Face the Nation" that he was "confident" Iran would not restart its nuclear program with the US withdrawing from the deal.

The move is "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world", Secretary of State Mike Pompeo said last week.

The new sanctions will particularly hurt Iran's oil industry, a crucial source of money for its anaemic economy.

However, analysts doubt this will materially lessen the impact of sanctions on Iran.

Secretary of State Mike Pompeo said the USA aimed to reduce Iranian oil sales to zero.

Iran has greeted the re-imposition of US sanctions with air defense drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation".

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The Treasury designation against Parsian Bank was based on it providing financial services to the Andisheh Mehvaran Investment Company, which it found was "owned or controlled" by Iran's Zinc Mines Development Company, which it said could eventually be linked back to Iran's Basij paramilitary force.

Thousands joined rallies in Tehran and other cities, carrying placards that mocked President Donald Trump, wiping their feet on fake dollar bills, and engaging in the usual ritual of burning the United States flag.

The International Monetary Fund said on Thursday that Iran should implement policies to safeguard its macroeconomic stability in the face of sanctions.

"US bullying is backfiring. Act on your commitments, and we will sit and talk", he said.

President Donald Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States. The other parties to the deal - Britain, France, Germany, China and Russian Federation - say they will not leave. "The US has also been approached for increasing oil supplies if better terms were offered", said the official.

Mr Trump's administration says it wants a new deal with Iran that curbs its interventions around the Middle East and missile programme - demands that have been flatly rejected by Teheran.

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On Monday morning the Iranian currency held largely stable, but everyone recognizes that it's going to take some time for the punitive sanctions to really bite.

The US has given temporary exemptions to eight countries - including India, Japan and Turkey - to continue buying oil in a bid to avoid disrupting their economies and global markets.

The countries will deposit Iran's revenue in an escrow account and the funds will be used for humanitarian purposes, according to United States officials. But Brent crude was steady at $72.83 by 1230 GMT. The U.S. cut off diplomatic relations in response.

Iranian President Hassan Rohani responded early on November 5 by saying in a speech on state TV that Iran is facing a "war situation".

The reimposition of the sanctions came as the U.S.is focused on Tuesday's congressional and gubernatorial elections.

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