Iran urges United Nations to hold Washington accountable over 'illegal' sanctions

Down with US’ Trump effigy & dollars burned in Iran as protesters decry sanctions return

Down with US’ Trump effigy & dollars burned in Iran as protesters decry sanctions return

Iran greeted the re-imposition of US sanctions on Monday with air defense drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation", raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold.

The crippling sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports. Gholamali Khoshroo called on Antonio Gooteresh to uphold the rule of law.

News of waivers on the sanctions weighed on prices, analysts said.

Trump pulled America out of the 2015 nuclear deal Iran struck with world powers in May.

The measures are part of a wider effort by U.S. President Donald Trump to curb Tehran's missile and nuclear programmes and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.

"The U.S. administration appears to believe that imposing illegal draconian sanctions on Iran will bring about such pain to our nation that it will force us to submit to its will, no matter how absurd, unlawful or fundamentally flawed its demands are".

Washington has agreed to let eight countries keep buying Iranian oil. "The Americans constantly said they would reduce the sale of Iran's oil to zero but I have to say that so far, we have been able to sell our required amounts of oil".

"These sanctions hit at the core areas of Iran's economy", he told reporters Friday.

"We are in the war situation, " Rouhani said. The measures restore all the U.S. 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.

"That's our expectation. It's the reason for President Trump's policy", he said. The list targets more than 700 entities, including individuals, banks, aircraft and vessels.

It also appeared that the US for the first time was directly sanctioning the Atomic Energy Organization of Iran, the government agency that oversees Iran's nuclear program.

Diplomatic sources and media reports have said the eight importers include Japan, India, South Korea and China. Among those are 50 Iranian banks and subsidiaries, more than 200 people and ships, Iran's state-run airline Iran Air and more than 65 of its planes.

The three countries combined produced more than 33 million barrels per day (bpd) for the first time in October, meaning they alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

Trump on Monday said he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking energy markets and causing global price spikes.

The waivers will allow the countries to continue reducing their purchases over the coming weeks and months.

When asked about his decision to give temporary exemptions to eight countries from the ban on Iranian oil imports, Trump said, "I'm not looking to be a great hero and bring it down to zero immediately". So far this year, the United States has sent 873,420 tonnes of soybeans to Iran, according to Bloomberg.

Iran is already in the grip of an economic crisis.

In addition to the oil exemptions, Pompeo said limited waivers had been issued to allow European and other firms to continue conversion work on three of Iran's nuclear facilities.

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