Turkey says it will not abide by renewed sanctions on Iran

Turkey says it will not abide by renewed sanctions on Iran

"It would be up to the judgment of private firms, but based on this decision, the (Japanese) companies would likely prepare for resuming Iran crude imports", Seki said, declining to comment on the size of shipments as compared to imports before the announcement of the sanctions.

Statements from China that it will continue buying Iranian oil regardless of USA sanctions reinforced the bearishness. "Because our opinion is that these sanctions aim at destroying the world's balance", said Erdogan. "They are against global law and diplomacy. We do not want to live in an imperialistic world", Erdogan said. "These issues will be put on the table at the summit (this weekend) in Paris", Erdogan said.

According to Turkish Daily Sabah, Erdogan said that Turkey imports about 10 billion cubic metres of natural gas from Iran. "We can not freeze our people in the cold", Erdogan said.

Mr Cavusoglu also said it was not that easy for countries including Turkey and Japan to diversify energy resources to comply with the sanctions.

"While we were asking [for] an exemption from the United States, we have also been very frank with them that cornering Iran is not wise".

He added that dialogue and diplomacy would be more useful and meaningful and that it was unsafe to isolate Iran and unfair to punish the Iranian people.

While there is an emphasis on temporary, with Pompeo adding "We continue negotiations to get all the nations to zero", the waivers were largely seen as the biggest reason why oil prices did not rise sharply on Monday when the sanctions went into effect.

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"I think instead of sanctions, meaningful dialogue and engagement is much more useful".

US Treasury Secretary Steve Mnuchin said earlier this week that the new sanctions identify more than "700 individuals, entities, aircraft, and vessels", including 300 new targets. Turkey was one of eight countries exempted from the demand to stop buying Iranian oil.

Currently, Iran and its other partners in the JCPOA are working to keep the deal alive.

Meanwhile, Erdogan's comments came less than a week after the USA and Turkey agreed to lift tit-for-tat sanctions that were imposed on officials from their respective countries in relation to the jailing of a U.S. pastor in Turkey.

Washington has imposed two sets of sanctions this year after pulling out of a nuclear pact agreed between world powers and Iran that US President Donald Trump slammed as "defective".

The Trump administration pulled out of that deal in May, which was signed between Iran, the United States and other world powers and was created to curb Iran's nuclear ambitions.

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