European Union expresses deep regret over US-Iran sanctions

European Union expresses deep regret over US-Iran sanctions

Donald Trump said Saturday he was still open to negotiating "a new, more comprehensive deal with Iran" even as he ordered a severe new round of sanctions to come into force at midnight on Sunday.

"Thank you, President Trump for this historic step".

They added, "on November 5, 2018, all United States sanctions that were lifted under the disastrous Iran nuclear deal will be fully reimposed".

Iran is the third-largest oil producer in OPEC, and the country's First Vice-President Eshaq Jahangiri revealed in late October that Tehran had been exporting 2.5 million barrels per day over the past few months.

With limited exceptions, the re-imposed US sanctions will hit Iran as well as countries that do not stop importing Iranian oil and foreign firms that do business with blacklisted Iranian entities, including its central bank, a number of private financial institutions, and state-run port and shipping firms, as well as hundreds of individual Iranian officials. Turkey, a major destination for Iranian crude, could also be included. Iran is the world's No. 3 oil exporter. Pompeo said he will announce them on Monday.

"The US will take its foot off the gas on sanctions and ease pressure in getting to zero right at the start in order to not cause a rise in oil prices in the lead-up to elections", said Robin Mills, head of Dubai-based consultant Qamar Energy.

Iranian leaders said the sanctions are aimed at toppling the government and have ruled out negotiations with the Trump administration.

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The agreement saw Iran limit its controversial nuclear activities in exchange for sanctions relief. However, firms in these countries have backtracked on early agreements to develop Iran because the USA has threatened to impose sanctions on firms trading with the Islamic state. "We have advised SWIFT that it must disconnect any Iranian financial institutions that we designate as soon as technologically feasible to avoid sanctions exposure". "America has been defeated by the Islamic Republic over the past 40 years", he said.

It "provided Iran broad relief from the global and USA secondary sanctions as the US administration waived relevant sanctions, revoked relevant executive orders, and corresponding United Nations and European Union sanctions were lifted", the almost 100-page CRS report said. It is widely expected that Japan, South Korea and India will also receive waivers.

It is part of efforts by Iran and its customers to keep oil flowing ahead of a new USA embargo set to hit on Monday.

"If prices start to rise again or another major producer has difficulties, it could put pressure on the United States and lead to new exemptions", said Fabiani.

In fact, on Thursday it was announced that the U.S. is giving India a waiver on oil sanctions in exchange for Delhi reducing its imports of Iranian oil by one-third. Moreover, the U.S. needs India's help to deal with Afghanistan problem and with sanctions in place the entire efforts would be derailed.

That could make it very hard for Iran to do business with other countries.

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