Iran sanctions had 'enormous' economic consequences: John Bolton

05 November, 2018, 23:39 | Author: Orlando Hughes
  • Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.'

US President Donald Trump's administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it, reports the BBC.

The United States reimposed oil and financial sanctions against Iran on Monday, significantly turning up the pressure on Tehran in order to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East.

The Administration has granted waivers to eight countries that have reduced their oil purchases from Iran but not stopped them entirely.

Oil prices fell on Monday as the start to US sanctions against Iran's fuel exports was softened by waivers that will allow major buyers to still import Iranian crude, at least temporarily. But he said the eight unidentified nations "need a little bit more time to get to zero".

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.

China, which has been Trump's main sparring partner on the trade front, is Iran's main oil customer.

Iranian state media said millions turned out for rallies in most cities and towns around the country, swearing allegiance to the clerical establishment and its hardline authority, Supreme Leader Ayatollah Ali Khamenei.

News of the waivers initially helped lower oil prices early on Monday, since they allow major buyers to import Iran's oil for a while. When questioned about whether the European Union or other nations or jurisdictions would receive waivers (or SREs, "significant reduction exemptions"), he answered "T$3 he EU will not be receiving an SRE".

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"The goal of the sanctions is to diminish the regime's capacity to threaten the region", Mr Hook said, calling them "the toughest sanctions that have ever been imposed" on Iran. "This is not about hurting the people of Iran, but we will not let money be diverted to humanitarian purposes and then put for terrorist activities".

"But until Iran makes changes in the 12 ways that I listed in May, we will be relentless in exerting pressure on the regime", he said. The Europeans have mounted a drive to save the agreement without the United States, fearing that the new sanctions will drive Iran to pull out and resume all of its nuclear work'.

The rally in the capital of Tehran comes as the United States restored all sanctions that had been lifted on Iran during the era of the Iran nuclear deal.

Hua says: "We regret this decision by the U.S".

He said the sanctions - which took effect on the 39th anniversary of Iranian zealots' seizure of the U.S. embassy following the ouster of the pro-US shah - meant to "starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world". He said the pressure "is only going to mount from here" unless Iran's leaders halt its support for terrorism and abandon its nuclear ambitions "immediately".

Iran has said it will defy the reimposition of sanctions, which target the country's oil exports and financial transactions.

Iran's economic chaos sparked mass anti-government protests at the end of a year ago which resulted in almost 5,000 reported arrests and at least 25 people being killed.

Pompeo further said the USA has chose to grant "narrow and temporary waivers to permit the continuation of three nonproliferation projects now underway".

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