United States officially reimposes all sanctions lifted under 2015 Iran nuclear deal

Daniel Fowler
November 5, 2018

The US side was unmoved.

"Sanctions from the United States will be re-imposed at midnight tonight", Pompeo told CBS's "Face the Nation".

Avigdor Lieberman said in a tweet on Monday that the Trump administration's decision to restore sanctions "is the sea change the Middle East has been waiting for". On Friday, the United States said it would add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut off Tehran as Washington applies "maximum pressure" to cripple the country's economy. But the sword has two edges: Iran is also the OPEC cartel's third-largest producer.

'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.

The relaxation may offer major reprieve to India that has been importing close to 10 per cent of its oil needs (about 500,000 barrels of oil per day) from Iran. Most Europeans, as well as Japan and South Korea, have stopped.

They have promised to support European firms that do "legitimate business" with Iran and have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing U.S. penalties.

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Secretary Pompeo noted in his statement today that the SREs were being granted to the eight jurisdictions (to be named November 5) "only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves towards getting to zero crude oil importation".

Iran greeted the re-imposition of USA sanctions on Monday with air defense drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation", raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold. The other signatories to the nuclear deal have demanded that Iran accede to the FATF.

His decision was widely criticized overseas and by Democrats at home, who said that while imperfect, the pact had placed the Iranian nuclear program under the tightest scrutiny ever.

The accord provided Iran with billions of dollars in relief from global sanctions in exchange for sweeping curbs on and inspections of its nuclear program. Both Airbus and Total have announced plans to leave Iran.

Well, Chris, the sanctions that will be reimposed tomorrow are the toughest sanctions ever put in place on the Islamic Republic of Iran. However, one must keep in mind that the Iranian government has stated that it will continue to sell oil in different ways.

"The mantra right now is to go to Saudi Arabia but its production has remained flat at around 10 or 10.2 million barrels a day", said Samir Madani, an analyst at Tanker Trackers, which specialises in satellite tanker tracking.

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