Iran urges United Nations to hold U.S. to account over sanctions

Iran urges United Nations to hold U.S. to account over sanctions

Its national currency, the rial, now trades at 145,000 to one US dollar, down from when it traded 40,500 to $1 a year ago.

The US has applied a raft of stringent sanctions on Iran and has threatened even more, making good on threats by President Trump.

The measures restore all the USA sanctions that had been lifted under the 2015 accord that gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program, a deal that Obama administration critics had argued was too soft on the Islamic Republic.

He tells reporters at Andrews Air Force Base that these are the "toughest sanctions ever imposed" but "we want to go a little bit slower" to avoid causing global oil prices to spike.

The sanctions target Iran's energy, financial and shipping sectors and are aimed at damaging the country's economy following President Donald Trump's withdrawal from the 2015 nuclear deal.

In a statement, US Treasury Secretary Steven Mnuchin said the move "should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilising behavior".

However Rouhani promised to "proudly bypass" the sanctions, which also target Iran's financial sector.

Iran on Monday (Nov 5) urged the United Nations to hold the United States accountable for re-imposing sanctions on Tehran, branding the measures illegal and in violation of a Security Council resolution.

"The Americans never really committed to the deal and the Iranian government did not spend the cash it got from the deal on the people".

The US and Iran have been arch-foes since the Islamic revolution in 1979.

Switzerland said it was holding talks with the United States and Iran about launching a humanitarian payment channel to help food and drugs keep flowing to Tehran. A first set of sanctions announced August 7 prompted European automakers Daimler and PSA to quit Iran.

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It is worth mentioning that these prices of petrol and diesel have reached the lowest level of the last two weeks till date. The diesel price fell by 0.14 paisa to settle at Rs. 73.64 per litre and Rs 77.18 per litre in respective cities.

As US sanctions against Iran came back into effect on Monday, US Secretary of State Mike Pompeo revealed that several countries secured oil import exemptions, including: India, China, Taiwan, Japan, South Korea, Turkey, Greece, and Italy.

The International Monetary Fund forecasts that United States sanctions will cause Iran's economy to contract 1.5 percent this year and 3.6 percent next year - pain that Trump has boasted about as he touts his record ahead of Tuesday's congressional elections.

"The objective 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.

"We are in a situation of economic war, confronting a bullying power. Watch as we've already taken more crude oil off the market than any time in previous history".

He did not name those countries, but was likely referring to China, France, Russia and Britain, which along with Germany made up the world powers involved in the 2015 nuclear deal.

The accord provided Iran with billions of dollars in relief from global sanctions in exchange for sweeping curbs on and inspections of its nuclear program.

"Unfortunately, we were treated dishonorably by both the American and Iranian governments", said Fereshteh Safarnezhad, a 43-year-old teacher, on the streets of Tehran.

The expectation of sanctions has already taken 1.1 million barrels of Iranian oil a day off the market.

Mr Pompeo said more than 100 worldwide companies had withdrawn from Iran because of the looming sanctions.

Oil prices rose as the sanctions went into effect, with worldwide benchmark Brent crude up by more than $1 to a session high of $73.92 a barrel. But he insisted that Iran still can rely on its allies China and Russian Federation to keep its oil and banking sectors afloat. Seoul says it will reduce oil imports from Iran by a "significant" amount but the waiver will allow it to maintain a stable supply of a light form of crude known as condensate.

The curbs come as the United States is focused on U.S. congressional and gubernatorial elections on Tuesday.

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