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No waiver on Iran business, U.S. tells India

28 June 2018
No waiver on Iran business, U.S. tells India

Prosecutor Abbas Jafari Doletabadi said the "main provocateurs" of Monday's protests were arrested, but did not say how many. "We may have to stop", the Sinopec executive told Platts.

Iran's currency, the rial, has plummetted in recent days against the U.S. dollar prompting thousands of Iranians to protest in front of Parliament and on the streets of Tehran.

The Iranian government is under domestic pressure, with a plunging rial currency sinking to a low of 90,000 against the dollar while living costs for the population continue to rise. The UK, France and Germany voiced opposition to Trump's withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and the European Union put measures in place aimed at protecting companies from secondary sanctions.

This has resulted in people taking to the streets in the capital to protest the government as the country's currency was devalued in the last week. In a televised speech, Rouhani blamed the USA for Iran's woes and said the trying to damage the country by creating "an economic war". The protests in late December and early January saw at least 25 people killed and almost 5,000 arrested, but took place largely in Iran's provinces rather than in the capital, Tehran.

The value of the USA dollar has been increasing, as a result of which the prices of raw materials increase too.

If India believed that just like the first round of Iran sanctions, it could negotiate a softer deal with the USA, those hopes were dashed.

But that deal came under Barack Obama's administration.

"Japanese companies were beginning to look toward Iran as an attractive investment destination", according to Mitsuo Fujiyama, a senior economist at the Japan Research Institute Ltd.

Parliament Speaker Ali Larijani, speaking at the same event as Rouhani, appeared to directly criticize his administration.

The United States is pushing for Japan and other major economies to halt imports of Iranian crude oil by November as part of coordinated sanctions on the Islamic republic, a senior U.S. State Department official said Tuesday in Washington. The US should also pause to consider the fact that other signatories to the Iran nuclear deal have chosen to stick with efforts to salvage the accord instead of backing the solitary path it has adopted.

"The government hasn't done enough to confront the economic problems", the conservative politician said, according to the semi-official ISNA news agency. The official wasn't authorized to be identified by name and briefed reporters on condition of anonymity. He also said that the country will soon tighten the noose on Tehran as it is on their list of national security.

The Iranian parliament showed the level of discontent over Rouhani's performance, issuing a letter, signed by 187 representatives - more than half of the total - asking that the president change his administration's economic team.

Iran's supreme leader demanded punishment for those who disrupt business, signaling a tougher line after two days of strikes by market traders, the biggest unrest since the start of the year.