Published: Wed, June 27, 2018
Markets | By Noel Gibbs

Rouhani says Iran will not give in to pressure from Trump

Rouhani says Iran will not give in to pressure from Trump

Iran has denied it backs insurgents in the region and said its nuclear program was only for civilian purposes.

He said Indian and Chinese companies would be subject to the same sanctions as those in other countries.

"Iran exports a total of 2.5 million barrels per day of crude and condensate and eliminating it easily and in a period of a few months is impossible", the official said.

The official said the message has been delivered already to allies in Europe and Asia and an interagency team of state and treasury department officials will be visiting India, China and other countries in the coming weeks. "Without question." Given their huge energy requirements, India and China are major importers of Iranian oil.

"This is a challenge for them, this is not something that any country that imports oil from Iran. wants to do voluntarily because, you know, we're asking them to make a policy change". "Without question, they should be reduced".

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As thousands of Iranians take part in a second day of protests against the Islamic regime, government officials sought to accuse the United States instead of Iran's economic woes.

"There is a level of frustration that people have with regard to the regime activity and behavior, the enrichment of the military and clerical elite and the squeezing out of the life of the economy", the senior State Department official said.

"We are looking at reviving a rupee mechanism... we have to prepare ourselves", one of the sources told Reuters.

Ali Fazeli, the head of Iran's Chamber of Guilds, a business association, told the semi-official Tasnim news agency later on Monday: "Business is as usual in the Grand Bazaar".

Benchmark U.S. oil futures rose more than $2 on Tuesday, topping $70 a barrel for the first time since May 25 as the threat that the United States would push buyers to limit Iranian oil imports added to concerns about tightening supplies. "I think the predisposition would be, "No, we're not granting waivers", the official said.

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Rouhani said that pullout from the 2015 nuclear deal was the "worst choice" adopted by the Trump administration.

The protest that shook the world on December 28 in Mashhad, Iran's second-largest city, and quickly spread throughout the country has picked up steam in the last few days - this time in Tehran. However, this spending has come at the expense of the domestic needs of the Iranian people, who have struggled for years under tough worldwide sanctions against the regime.

Rouhani, who is under pressure to change his economic team, said the fresh USA sanctions were part of a "psychological, economic and political war", adding that Washington would pay a high price for its actions.

The protests have seen unusual scenes of demonstrators chanting against continued Iranian spending of billions of dollars on regional proxy wars and support for terrorist groups, which many say has meant less investment in the struggling economy at home.

The agreement lifted sanctions on Iran but the U.S. now plans to re-impose those measures.

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