U.S. sanctions will not force immediate crisis in Iran

05 November, 2018, 12:10 | Author: Eric Barnett
  • Khamenei was speaking on the eve of the anniversary of the 1979 takeover of the US embassy in Tehran

The State Department said on Friday it has closed the "Obama-era condensate loophole", which allowed countries to continue importing the byproducts of oil and natural gas from Iran even while sanctions were in place.

Iran has greeted the reimposition of United States sanctions with air defence drills and an acknowledgement from the president, Hassan Rouhani, that the country faces a "war situation", raising tensions in the Middle East.

The Iranian president said that the country will undercut Washington's plan for sanctions on its energy and banking sectors.

US President Donald Trump withdrew the US from the nuclear accord earlier this year, an agreement he called the "worst deal ever negotiated".

Israel's Defense Minister Avigdor Lieberman welcomed the newly restored USA sanctions in a tweet on Monday, saying they will deal a "critical blow" to Iran's military presence around the Middle East.

The new American sanctions particularly hurt Iran's vital oil industry, a crucial source of hard currency for its anemic economy.

"Until then, our historic sanctions will remain in full force", he said, hours after his two Cabinet members, Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin, announced that the US would reimpose a series of crippling sanctions on Iran beginning on Monday.

But "Iran has weathered multiple rounds of sanctions before".

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

"The expected USA waiver for India is a good development that should allow the country to continue getting its share of oil on attractive terms from Iran".

First, keep in mind that in addition to these countries, Russian Federation is thumbing its nose at the USA pressure campaign and is assisting Iran in a variety of ways economically.

"Sanctions have always existed and we are used to them", one demonstrator said.

"The impact will be severe, and we see it in the acute economic situation in Iran today", said Riad Kahwaji, founder and CEO of the Institute for Near East and Gulf Military Analysis in Dubai.

Iranians have taken to the streets chanting "Death to America" to protest the reimposition of USA sanctions on oil exports, timed to coincide with the anniversary of the United States embassy takeover during the 1979 Islamic Revolution.

Iranian state media said millions turned out in towns and cities, swearing allegiance to the Supreme Leader Ayatollah Ali Khamenei, although the BBC was unable to independently verify this figure.

However, US leader Donald Trump's personal lawyer Rudy Giuliani and John Bolton, the president's national security adviser, have both made public statements supporting the overthrowing of Iran's theocratic government. He said that two of the countries will be bringing their Iran oil imports to zero, but just needed some more time to wind down.

Hours before the fresh sanctions went ahead, thousands of people in Iran marked the anniversary of the 1979 hostage-taking at the USA embassy by carrying placards mocking Trump and burning American flags and fake dollars.

In contrast, with the US-EU trade wars toned down, most large EU businesses are cooperating with US sanctions against Iran.



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