Published: Mon, November 05, 2018
Finance | By Loren Pratt

Second wave of U.S. sanctions on Iran starts tomorrow

Second wave of U.S. sanctions on Iran starts tomorrow

Israel's Defense Minister Avigdor Lieberman welcomed the newly restored US sanctions in a tweet on Monday, saying they will deal a "critical blow" to Iran's military presence around the Middle East.

The move has raised tensions in the Middle East as America's maximalist approach to the Islamic Republic takes hold.

Senator Rubio has been a strong critic of China on its human rights record and foreign policy, as well as having questioned Trump Administration policy toward it.

They were among those rumoured last week to receive exemptions from the U.S. to still trade with Iran on oil.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 U.S. embassy takeover as Washington restored all sanctions lifted under the 2015 nuclear deal.

The US has said it will temporarily allow eight importers to keep buying Iranian oil, with China, India, South Korea, Japan and Turkey - all top importers - expected to be among those given temporary exemptions to ensure crude oil prices are not destabilised.

Israel had long opposed the Iran nuclear deal, saying it was too limited in scope and timeframe.

This is true even where their governments have signaled support for Iran, as the sanctions would expose them to harm they can otherwise avoid.

The deal - agreed by the US, China, Russia, France, Germany and the United Kingdom - brought about the lifting of most worldwide financial and economic sanctions on Iran in return for Tehran curbing its disputed nuclear activity under UN surveillance.

They will directly affect companies from third countries doing business with Iran. "SWIFT is no different than any other entity, and we have advised SWIFT the Treasury will aggressively use its authorities as necessary to continue intense economic pressure on the Iranian regime", said Steven Mnuchin, US Secretary of the Treasury.

The UK, Germany and France - which are among the five countries still committed to the nuclear pact - have all objected to the sanctions. They could upset world oil markets, though the USA has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

Next, add the ongoing massive trade war between the U.S. and China, such that the impact of USA sanctions against China relating to Iran are really a small piece of a much bigger game.

Asked if the United States had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do".

What has the reaction been in Iran?

Second, although Saudi Arabia has said it will increase capacity by more than a million barrels...

Earlier, thousands of Iranians chanted "Death to America" at a rally to mark the anniversary of the seizure of the U.S. Embassy during the 1979 Islamic Revolution.

Hardliners hold protests to commemorate the siege every year but on Sunday, protestors also vented their fury about the sanctions.

Iranian state media said millions turned out in towns and cities, swearing allegiance to the Supreme Leader Ayatollah Ali Khamenei, although the BBC was unable to independently verify this figure. "Act on your commitments, and we will sit and talk", he said.

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