ibusinesslines.com November 14, 2018

Iran will sell its oil despite USA sanctions - President Rouhani

05 November 2018, 04:56 | Kelvin Horton

A demonstration outside the former US embassy in the Iranian capital Tehran

Down with US’ Trump effigy & dollars burned in Iran as protesters decry sanctions return

"Iran is a much different country since I terminated that deal".

The deal brought about the lifting of most global financial and economic sanctions in return for Tehran curbing its disputed nuclear activity under United Nations surveillance. They're very big. They'll be elevated from there. Iranian army Gen. Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard were taking part in the exercise.

US President Donald Trump unilaterally withdrew Washington from the pact in May despite objections from close allies in Europe.

It is believed that the new sanctions will compel Tehran to renegotiate the Joint Comprehensive Plan of Action (JCPOA).

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.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 US Embassy takeover as Washington restores all sanctions lifted under the nuclear deal.

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes.

The Trump administration is also reimposing sanctions on the Iranian regime, effective today.

"Details of the sanctions will be released at a news conference scheduled for 8:30 a.m. ET with Secretary of State Mike Pompeo and".

"The Islamic Republic of Iran can and will sell its oil", said Rouhani, adding "even if these eight countries had not received exemptions, we would still sell our oil".

The US side was unmoved. That'll take us some number of months to do that.

According to industry experts, bringing oil from the USA may be expensive due to distance.

He said "economic warfare" was a final bid by Washington to overthrow the Islamic republic after decades of failed attempts.

The Trump administration's decision to restore sanctions "is the sea change the Middle East has been waiting for", he said.

Al-Shateri said the expected increase in oil prices might offset Iran's loss of oil exports because of the U.S. sanctions. "In 2019, our projections are that oil supply will exceed demand, and that creates a much better atmosphere for us to bring remaining nations to zero as quickly as possible", Hook said.

The US stance has already inflicted serious pain on Iranians, with the country's currency, the rial, losing more than two thirds of its value since May.

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the U.S. sanctions will be dissuasive.

On Twitter, President Trump published a photo of himself walking resolutely with the caption: "Sanctions are coming", an allusion to Game of Thrones. "The US - and not Iran - is isolated", Zarif said in a tweet.

The restoration of USA sanctions on Monday targeting Iran's oil sales and banking sectors is part of a wider effort by Trump to force Tehran to halt its nuclear and ballistic missile programmes outright, as well as support for proxy forces in conflicts across the Middle East.

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

"Any deals allowing oil importers to continue buying from Iran could see prices come under further pressure", ANZ bank said on Monday. "This new U.S. president. has disgraced the remnant of America's prestige and that of liberal democracy. America's hard power, that is to say their economic and military power, is declining too", he said on his Persian Twitter account, quoting a speech in Tehran. Malek's Arab News article has more on this point. "We have the knowledge and the capability to manage the country's economic affairs", Foreign Ministry spokesperson Bahram Qasemi told state TV on Friday.

China says it regrets the USA decision to re-impose sanctions on Iran but will continue to uphold the nuclear deal Beijing agreed to as a permanent member of the United Nations Security Council. "No one's going to argue that Secretary Pompeo isn't tough on Iran and no one is going to argue that President Trump isn't doing the same".

Salami made the remarks on a day when the authorities in Iran organize anti-U.S. gatherings nationwide, unleashing slogans to mark the 1979 seizure of the USA embassy in Tehran.

"Our youth, across the country, support independence".

More than 700 individuals, entities, vessels and aircraft will be put on the sanctions list, including major banks, oil exporters and shipping companies.

Iran's normally moderate President Hassan Rouhani told a group of state employees on Sunday that it was time to Iran is facing a "war situation" under the new and renewed USA sanctions, but as CBS News correspondent Elizabeth Palmer reported from Tehran on Monday, he is also vowing that Iran will continue to sell its oil overseas.

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