Iranians rally to celebrate 39th anniversary of taking over the US Embassy

Daniel Fowler
November 5, 2018

President Donald Trump removed the US from the 2015 Iran nuclear deal earlier this year, triggering the sanctions being imposed Monday.

Rouhani insisted on state TV that Iran will "sell its oil and it will sell" despite the crippling sanctions.

US Secretary of State Mike Pompeo announced on Friday that eight countries will be getting some amount of a waiver from the US's oil sanctions which kick in Monday evening.

The new U.S. sanctions are expected to hurt Iran's vital oil industry, a crucial source of hard currency for a country already in the grip of an economic crisis.

The measures target Iran's vital energy and banking sectors.

"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.

The US sanctions are timed to coincide with the siege of the US embassy on 4 November 1979, which took place soon after the fall of the US-backed shah.

Contrary to what he called "fueled misinformation", he stated that SWIFT, "if it provides financial messaging services to certain designated Iranian financial institutions...could be subject to sanctions".

The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.

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For the other mostly Asian countries, there is already less incentive to cooperate with the U.S., because Asian neighbors and powers China and Russian Federation were not going to be cooperating.

The US is seeking to "alter" Iranian behavior with the sanctions, and has been leaking out a stream of 12 demands it wants to see Iran agree to in exchange for re-lifting the economic penalties.

The other parties to the nuclear deal - Britain, France, Germany, China and Russian Federation - have all vehemently opposed the USA move and vowed to keep trade going, though they are struggling to convince private companies to stand up to U.S. pressure. They are the strongest sanctions we've ever imposed.

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.

'With God's help and the resistance and perseverance of the pious and revolutionary people of Islamic Iran, this last weapon of the enemy - the economic war - which is accompanied by America's widespread media operation against the nation of Iran, will be defeated, ' Jafari said.

At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility toward the Islamic Republic, which he said had nevertheless prevailed.

Washington has also said that it wanted to stop what it calls Teheran's "malign" activities including cyber attacks, ballistic missile tests, and support for terror groups and militias in the Middle East.

Crude oil markets topped out with WTI reaching 75.00 per barrel only a month ago, but a crushing wave of crude production is threatening global oil markets' two-year bullish extension.

The 444-day crisis after the fall of the USA -allied shah transfixed America, as nightly images of blindfolded hostages played on television sets across the nation. Its national currency has plummeted over the past year amid an economic crisis.

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