Thursday, 15 November, 2018

Israel welcome restored US sanctions on Iran

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance Saudi oil output capacity may be close to maxing out Saudi oil output capacity may be close to maxing out
Lindsey Cook | 07 November, 2018, 06:35

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

United States president Trump has taken a hardline against Iran since taking office.

Trump on Friday evening reasserted his openness to reaching a new Iran deal "that forever blocks its path to a nuclear weapon, addresses the entire range of its malign actions, and is worthy of the Iranian people".

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behavior", Treasury Secretary Steven T. Mnuchin said.

Diplomats told Reuters last month that a new European Union mechanism to facilitate payments for Iranian oil exports should be legally in place by November 4 but not operational until early next year.

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran's oil exports and revenues.

"Not only did we decide to grant many fewer exemptions, but we demanded much more serious concessions from these jurisdictions before agreeing to allow them to temporarily continue to import Iranian crude oil", US Secretary of State Mark Pompeo said at a press conference on October 2. It exported nearly three million barrels of crude oil per day on an average.

A new package of sanctions affect oil exports, global transportation and banking sector.

In an interview with Press TV, political columnist David William Pear said that the USA sanctions are "really putting such hardships on the Iranian people and it is totally unnecessary".

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Kim Eui-kyeom spoke to reporters Tuesday after South Korea was named as one of eight countries that received waivers from the United States to continue importing Iranian crude and other petroleum products without penalty.

India's Oil Minister Dharmendra Pradhan confirmed on Saturday that the country, Iran's top oil client after China, had won a waiver from the USA sanctions after a "forceful campaign" by Prime Minister Narendra Modi.

Japanese Foreign Minister Taro Kono later said Tokyo would continue to have close discussions with the United States to ensure stable energy supplies and no adverse impact on Japanese companies.

The sanctions target third parties that deal with Iran.

The United States will not be able to stop Iran's oil exports, Iranian President Hassan Rouhani said on Monday.

Since there are banking restrictions in place for trading with Iran, nations sourcing oil from the country like India are expected to pay in their local currencies in an account in the national bank of the importing country.

"[The] infrastructure allows European companies to avoid USA sanctions in the future ... long-term it's very worrying for the future of US sanctions infrastructure", Ashford said.

The former CIA Director said that "specific circumstances" have warranted temporary allotments to a handful of countries, with China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey being exempted from the sanctions.

But the official said that because a stronger oil supply is anticipated for next year, "that will allow us to accelerate the path to zero" imports from Iran. The other parties to the 2015 nuclear deal, Britain, China, France, Germany and Russian Federation, have said they will stay in it.

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