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Taiwan waived from USA ban on Iranian oil

07 November 2018

India, China, Japan, Italy, Greece, South Korea, Taiwan and Turkey make the list of eight countries granted temporary waiver for purchase of Iranian oil.

He added, "We have iron will to counter sanctions".

Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, "Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East".

Secretary of State Mike Pompeo is defending the Trump administration's reimposition of sanctions against Iran from conservative critics who argue more should be done to isolate the country.

The United States re-imposed and strengthened economic sanctions on Iran's oil, banking and transportation sectors on Monday after the Trump administration withdrew from the 2015 Iran nuclear deal, and vowed further action to pressure Tehran.

The U.S.is moving to hit Iran economically with what U.S. Treasury Secretary Steven Mnuchin calls a "maximum pressure" campaign against the country's energy and banking sectors. Foreign Minister Mohammad Javad Zarif said USA "bullying" was backfiring by making Washington more isolated, a reference to other world powers opposed to the initiative. Iranian revolutionary activists held more than 50 Americans hostage for 444 days.

The United States again restricted Iran's oil and financial industry on Monday.

Pompeo said more than 20 countries have already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day.

"We've already reduced Iranian crude oil exports by over a million barrels per day".

The United States reintroduced sanctions against Iranian oil on Monday while giving some of Washington's closest allies exemptions that allow Tehran's biggest customers, mostly in Asia, to keep buying crude for now.

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"The Iranian people have had 39 years of economic mismanagement". We have to stand to win'. Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave.

Foreign companies and banks are largely unwilling to make enemies of the US Treasury, and most worldwide firms that set up in Iran after the 2015 deal have been forced to leave, including France's Total, Peugeot and Renault, and Germany's Siemens. The waivers were only given to countries that are seriously trying to cut out their imports of Iranian oil.

Iran's foreign ministry is shrugging off the re-imposition of USA sanctions on Iran, saying it's nothing new and that the country has gone through a wider range of sanctions in the past.

"I think - and I'm echoing the (UK) government's position - this agreement was worth having, it's very important at preventing nuclear proliferation and, of course, if you want Iran to negotiate, to behave reasonably, you're not going to do that by tearing up agreements that are made in good faith".

International Brent crude oil futures were down 47 cents, or 0.6 percent, at $72.70 a barrel.

Prices rallied to near four-year highs in early October on expectations the imposition of sanctions would create a global supply shortage. However, news of the waivers last week sent prices lower as top buyers would continue to import Iranian oil.

The curbs come as the United States is focused on USA congressional and gubernatorial elections on Tuesday.

Iran is among the countries which the USA is courting for stepped-up sales of the oilseed.

They blamed Israel for the attack and said it targeted Iran's communications infrastructure, without elaborating.

"The administration is even letting Iran continue working with partners at Fordow, a bunker built into the side of a mountain which even Obama used to say needed to be closed", the source said.

Taiwan waived from USA ban on Iranian oil