ibusinesslines.com December 17, 2018

Trump says he wants to go slower on sanctions for Iran's oil

07 November 2018, 04:15 | Erica Roy

Arabian oil facility

A Saudi Arabian oil facility

The Trump administration's intensifying effort to strangle Iran's economy, critics say, marks a gamble as it divides the United States from traditional allies in Europe and casts uncertainty into oil markets.

"With the oil, it's very interesting".

Trump on Monday said he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking energy markets and causing global price spikes.

"This has nothing to do with Iran".

China's waiver, like the others, is not a pass to purchase Iranian crude oil indefinitely.

The United States officially reimposed all penalties that had been lifted as part of the Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list Monday.

They also cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, Tehran's national airline, Iran Air, and more than 65 of its aircraft, the Treasury statement said.

The sanction waiver was created to maintain worldwide oil price stability.

Benchmark Brent crude futures were down 20c at $72.97 a barrel by 9.29am GMT.

Jahangiri's remarks came one day after the administration of US President Donald Trump unleashed a second round of sanctions against Iran.

Rouhani added, "We are in the economic war situation". This group takes as much as three quarters of Iran's seaborne oil exports, trade data shows, meaning Iran will still be allowed to export some oil for now. "The question is will the buyers be willing to defy the United States and risk sanctions", he said.

Iran has been able to sell as much oil as it needs despite US pressure, Iranian Vice President Eshaq Jahangiri was quoted as saying on Tuesday.

"The downside risks to this policy are manifold it could cause Iran to restart its nuclear enrichment efforts, bringing us closer to a military confrontation", he said.

The sanctions targeted hundreds of individuals and entities tied to Iran's energy, banking and shipbuilding sectors.

Iran denied its nuclear program was directed at producing nuclear weapons as it reached the 2015 agreement with the United States, Britain, China, France, Russia and Germany.

"US bullying is backfiring". On Monday, he revealed those countries include Iran's top two customers, China and India, as well as Italy, Greece, Japan, South Korea, Taiwan and Turkey. "We have to stand to win".

"The US maintains it will do that but actually I think it's speaking slightly with a forked tongue because, although they will sometimes allow pharmaceuticals to get through and not be subject to American sanctions, the banks will not finance such trade and will not process payments".

Germany vowed Monday to continue legitimate business relations with Iran under European Union law, despite the USA decision.

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