Trump administration to reinstate all Iran sanctions

Trump administration to reinstate all Iran sanctions

Trump administration to reinstate all Iran sanctions

Iran and the European Union announced their defiance towards U.S. President Donald Trump's administration after high-level talks at the United Nations in September. The Trump administration has rebuffed them and gone ahead with its sanctions plan, arguing that nations, banks and businesses worldwide will decide they'd rather do business with the USA than Iran and leave the market. The source said India would soon sign an initial agreement with Iran to start paying for oil in Indian rupees through UCO bank.

The Trump administration on Friday announced the reimposition of all USA sanctions on Iran that had been lifted under the 2015 nuclear deal.

Particularly, the sanctions will target Iran's crude oil exports and will penalize countries that don't stop importing oil and foreign companies that do business with certain Iranian entities.

"We want to achieve maximum pressure, but we don't want to harm friends and allies either", Bolton told the Hamilton Society in Washington on October 31, signalling a possible softening of the White House's demand that all countries reduce their Iranian oil imports to "zero".

Under the law, the US president must periodically issue a "determination" on whether there is sufficient supply in the market from non-Iranian sources for countries to significantly cut their Iranian purchases.

The US will reportedly offer major concessions to Iran that could allow the Islamic Republic to ease the pressure from upcoming economic sanctions.

It is not clear on the volume of oil the nations will be allowed to buy under the exemptions.

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Goldman Sachs said it expects Iran's crude exports to fall to 1.15 million bpd by the end of the year.

Other countries, including Iraq and Afghanistan, also depend on some imports from Iran.

"In May, US President Donald Trump pulled the US out of the 2015 landmark nuclear the Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".

The administration has said it is considering waivers on a case-by-case basis. The leader said it's possible Iran will face more hard times ahead, but asserted that the government will use all its power to reduce any problems. "This leading state sponsor of terrorism is going to see revenues cut off significantly that will deprive it of its ability to fund terrorism throughout the region".

A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said. "There is much more that it's going to need to do", he said.

Despite the surge in output, concerns lingered as Washington is set to impose its sanctions against Iran's petroleum exports from next week.

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