Published: Wed, November 07, 2018
Markets | By Josh Butler

Netanyahu hails Trump for re-imposing 'most severe' sanctions on Iran

Netanyahu hails Trump for re-imposing 'most severe' sanctions on Iran

The US move restores sanctions lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama and five other world powers.

On Monday, the USA government officially re-imposed all of the sanctions on Iran that were suspended as a result of the nuclear deal signed during President Barack Obama's tenure.

"We will see what happens with Iran, but I tell you, they are not too good", said the President of the United States Donald trump on Sunday.

A senior official of Marubeni Corp. said it would be hard to land a deal in Iran as long as U.S. President Donald Trump's administration continues its aggressive posture toward Tehran. Trump withdrew from the 2015 nuclear accord in May, but all of the others that signed on to the agreement - including countries belonging to the European Union - are hoping to keep the deal in place.

"This oversight enhances our ability to constrain Iran's program and keep pressure on the regime while we pursue a new, stronger deal", it said.

"We hope a new agreement with Iran is possible".

US Secretary of State Mike Pompeo said that more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than one million barrels per day.

"Here we have a situation where an agreement created to stop Iran acquiring nuclear weapons has been complied with by Iran, an agreement struck in good faith, and it's been torn up by one party".

China was given a waiver to import about 360,000 bpd from Iran during the exemption period, sources told Reuters, while South Korea was given a daily quota of about 130,000 bpd, according to Platts.

The U.S. withdrawal from the multilateral JCPOA in May was a "scandal" for Washington, he said.

Mr. Trump called the Obama-era nuclear deal with Iran the "worst ever" agreement stuck by the U.S. But the other parties to the deal - Britain, France, Germany, China and Russian Federation - stuck with it.

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The sanctions are designed, in part, to force Iran's main customers to stop buying its oil.

"These were billed as the strongest sanctions in history meant to prevent Iran from exporting any oil at all, but the reality hasn't quite lived up to its hype", RT producer Sayeh Tavangar says.

Iran's exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil.

Crude from the Kirkuk field in northern Iraq is being shipped by truck to Iran.

"U.S. defied United Nations top court and Security Council by reimposing sanctions on Iran that target ordinary people", Zarif tweeted.

It follows Washington's withdrawal from a 2015 global agreement on Iran's nuclear programme.

The U.S. retains the flexibility to tighten sanctions further in coming months, but Monday's measures will deprive the rulers in Tehran of more cash for their foreign adventures.

USA officials have said the countries given temporary exemptions from the sanctions will deposit Iran's revenue in escrow accounts and Tehran will be able to use the funds for humanitarian purposes.

The European Union, France, Germany and Britain said they regretted the US decision and would seek to protect European companies doing legitimate business with Tehran.

Japan joined South Korea in temporarily halting Iranian oil loading around mid-September.

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