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Saudi Arabia readies to boost supplies over Iran oil sanctions

04 November 2018
Saudi Arabia readies to boost supplies over Iran oil sanctions

Eight countries will not be penalized by the U.S. for continuing to import Iranian oil, and those revenues will help Iran, although not by enough to allow Tehran to continue financing regional conflicts.

Another country that has been seeking a sanctions waiver is Turkey, which takes significant volumes via pipeline from neighboring Iran.

Sputnik: President Trump, of course, has been indicating these sanctions will stay in place until a new accord with Iran is signed replacing the Joint Comprehensive Plan of Action, but how hard and how lengthy would it be to convince the sides that are part of the agreement to reconsider, what could be the difficulties?

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

The US wants the Shiite clerical regime to withdraw from war-ravaged Syria, where it is a critical ally of President Bashar Al-Assad, and to end longstanding support to regional militant movements Hezbollah and Hamas.

"Unlike in prior administrations, we will ensure that the money is not spent on illicit activities, that there isn't any leakage in these escrow accounts, and we will work closely with countries to encourage the sale and purchase of humanitarian goods to benefit the Iranian people".

The US Treasury Secretary, Steve Mnuchin, said that more than 700 names would be added to his department's list of blocked entities.

"We are intent on ensuring that global funds stop flowing to the coffers of the Iranian regime".

United States oil futures climbed to a four-year high near US$77 a barrel last month on growing concerns there could be a shortage as sanctions bite deeper.

"If prices start to rise again or another major producer has difficulties, it could put pressure on the U.S. and lead to new exemptions", said Fabiani.

"We have sanctions on Iran and nobody has a clue what Iranian exports will be", he told the Russian news agency Tass last week. "Hundreds of businesses have departed Iran", Pompeo said.

On Friday, Mr Trump's government announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored.

Later, a senior State Department official told reporters that that the USA was ready for talks with Iran.

The top commander of Iran's elite Revolutionary Guards, Major General Mohammad Ali Jafari, said at the Tehran rally that Iran would resist and defeat a U.S. "psychological war" and the return of U.S. sanctions, meant to cripple the Islamic Republic's oil exports and financial institutions.

November 4, which falls on the 13th day of the Iranian calendar month of Aban, is also known as the Student Day and the National Day of the Fight against Global Arrogance.

Former US-Iran deal negotiator and sanctions official Richard Nephew expressed similar concerns.

As a major buyer of Iranian crude, India has been negotiations with the United States for exemption from secondary impact so the sanctions as it reduces its orders.

Anger and distrust over the USA is surging again following Mr Trump's decision to withdraw from landmark nuclear deal with world powers despite Tehran's compliance with the agreement, which was negotiated under the Obama administration. "It is obviously impossible to exclude Iranian oil from the market", Kardor told ISNA.

"Our goal remains getting countries to zero imports of Iranian oil".