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04 November 2018, 06:21 | Kelvin Horton
Donald Trump Goes All ‘Game Of Thrones’ With Iranian Sanctions Reimposition
"Either abandon its destructive behaviour or continue down the path toward economic disaster".
The EU, France, Germany and Britain - all co-signatories, along with Russian Federation and China, to the nuclear deal with Iran - said in a joint statement on Friday they regretted Trump's decision to restore sanctions on Iran. Pompeo said the European Union, which has drafted its own plans to circumvent U.S. sanctions, will not be.
They added, "on November 5, 2018, all United States sanctions that were lifted under the disastrous Iran nuclear deal will be fully reimposed".
Midnight on Sunday will mark a dividing line in the world of oil.
The students believed the United States would launch a counter-coup to return deposed shah Mohammad Reza Pahlavi to power - similar to the CIA-backed coup that overthrew Iran's elected government in 1953 - unaware that the king was already critically ill with cancer.
President Trump's decision to pull the United States out of Barack Obama's Joint Comprehensive Plan of Action with Iran, which lifted sanctions and gave the rogue Islamic regime pallets of cash, already is having an impact.
Another problem is that the product used in the SPV to trade with Iran may also violate secondary sanctions, says Leigh Hansson, head of global trade and national security at Reed Smith.
The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income.
The EU has proposed supporting companies trading with Iran despite these new sanctions.
The "US addiction to sanctions is out of control", Zarif wrote on Twitter.
Countries with close security and trade ties with the U.S. were quick to cut their purchases - South Korea went nearly straight to zero, with Japan and much of Europe close behind. Production hasn't fallen as much as some output is going into storage.
"Saudi Arabia can produce 12 million barrels a day, but only if it invests", said Hancock, noting that the country now produces just under 11 million barrels a day. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World. Companies like Total SA and Royal Dutch Shell Plc have halted purchases because the risk of being frozen out of the USA financial system is simply too great.
"We have committed to work on ... the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran's export of oil and gas", it said.
Iran says it's confident sales will hold above 1 million barrels a day. US production hit a record 11.3 million barrels a day in August, and Russia's output rose to 11.4 million bpd, a post-Soviet era peak.
"It can't handle oil in any serious volume", said Henry Rome, a specialist on Iran sanctions for the Washington-based Eurasia Group consultancy.
The oil market's two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide.
However, the U.S. is expected to give a short-term waiver to eight countries which could include India because of its commitment to significantly reduces import of oil from Iran.
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