United States ratchets up pressure on Iran with resumption of sanctions

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

The United States said it stood with the people of Iran in their demands for regime reforms as it reimposed sanctions on Tehran's banking, energy and shipping industries on Monday.

On Monday, the Trump administration said all the sanctions against Iran that were lifted as part of the 2015 nuclear deal will be reinstated.

On Sunday, some Iranians marked the 39 anniversary of the seizure of the USA embassy in Tehran in 1979.

Speaking to the media, Pompeo said the objective of the sanctions is to starve the Iranians of funds which they use to sponsor violence throughout the region and around the world. Airbus and Total have already announced their withdrawal from Iran. "I would like to thank President Donald Trump again for a courageous, determined and important decision", Netanyahu said in a statement.

He said: "The UK is trying to make sure that, for example, humanitarian goods can get through to Iran, things like medical supplies, pharmaceuticals".

Iran and Russian Federation are close allies in Syria.

"The goal 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.

Israeli Prime Minister Benjamin Netanyahu, who vigorously opposed the Iran deal, praised the Trump administration for the new sanctions.

U.S. Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin on November 2 said that, despite granting the waivers, Washington would "aggressively enforce" the sanctions.

As part of the new round of measures, the White House has warned Iran's customers they must reduce their purchases of oil to zero or face US penalties, although it has issued 180-day waivers to eight "jurisdictions" that will allow them to continue importing Iranian oil.

On Monday, the United States introduced another package of sanctions against Iran, which affect key sectors of the economy.

"We hope a new agreement with Iran is possible", he added.

Mr Pompeo said more than 20 countries had already cut their oil imports from Iran. Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.

Eshaq Jahangiri, President Hassan Rouhani's senior vice president, also criticized the sanctions.

"The countries will deposit Iran's revenue in an escrow account, USA officials have said".

The restrictions officially end all economic gains the USA permitted Iran after the nuclear agreement of 2015.

The 2015 agreement promised that world powers would assist Iran in developing civilian nuclear energy - the clerical regime's stated goal for its atomic program.

It's traditional ally, Europe is still in talks over how to establish a payments channel that allows European companies to continue trading with Tehran without being penalised by the US.

Chinese Foreign Ministry Spokesperson Hua Chunying told a daily briefing that the global community has shown widespread opposition to unilateral sanctions and long-arm jurisdiction.

United Nations monitors say Iran still abides by the deal, in which it agreed to limit its uranium enrichment in return for the lifting of worldwide sanctions.

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