Iran sanctions: "Maximum" economic pressure, Treasury's Mnuchin says

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

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

Iranian state media said millions turned out for rallies in most cities and towns around the country, swearing allegiance to the clerical establishment and its hardline authority, Supreme Leader Ayatollah Ali Khamenei.

The latest tranche aim to significantly cut Iran's oil exports - which have already fallen by around one million barrels a day since May - and cut it off from worldwide finance.

The barrel of WTI fell further on Monday after the Iranian President Rouhani said that Iran said it would ignore Washington and continue to sell. "Watch as we've already taken more crude oil off the market than any time in previous history".

Meanwhile, Iranian state television aired footage of air defense systems that are involved in two-day military maneuvers across northern Iran.

This is the second tranche of American sanctions on Iran since President Donald Trump made a decision to pull the US out of the Iran nuclear deal, which aims to stop the Iranian government from developing nuclear weapons.

"It will be hard for Iran to maximise exports when virtually all trade in oil is cleared in U.S. dollars, putting global oil companies, many national oil companies, traders and banks off limits", said Homayoun Falakshahi, analyst at Wood Mackenzie.

Pompeo maintained that despite the waivers, "these sanctions have already had an enormous impact".

US Secretary of State Mike Pompeo said on Sunday the penalties returning on Monday were "the toughest sanctions ever put in place on the Islamic Republic of Iran".

Iranians rally to mark anniversary of U.S. Embassy takeover
As a result, sanctions lifted by the U.S. and others in 2016 are now being unilaterally re-imposed by the United States . Pompeo said two of the jurisdictions, which he did not identify, will wind down Iranian oil imports to zero in "weeks".


'Our position remains that as long as Iran continues to meet the deal that exists, we will be committed to it too'.

Besides China, Greece, India, Italy, Turkey, South Korea, Taiwan and Japan get us sanctions waivers for Iran oil imports.

Pompeo told reporters that the eight countries secured temporary waivers to continue importing oil from Iran. Iran denies the allegations.

Oil is the country's top export.

In August, the European Commission revamped its Blocking Statute, a 1995 law created to help European companies and banks recover damages arising from U.S. sanctions on third parties.

Army General Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard were taking part in the exercise.

Japan said on Monday it was in close communication with the United States. "It's the reason for President Trump's policy".

"The European Union does not approve of it", said European Economic Affairs Commissioner Pierre Moscovici, regarding the sanctions. He said what he called "the terror regime" in Tehran must change its ways.

The revised terms of crude purchase being worked out between Indian and Iran includes rupee-denominated trade, where the Islamic Republic nation would give assurance of Indian imports to the tune of oil bought by Indian refiners, reported DNA India news portal. "We have no problem to talk on the condition that the other side attaches value to its obligation", Rouhani said during a meeting at the headquarters of the Ministry of Economy and Finance. "I don't want to do that", Mr. Trump said last week in an interview with The Washington Times.

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