Published: Sun, November 04, 2018
Markets | By Noel Gibbs

Donald Trump Goes All ‘Game Of Thrones’ With Iranian Sanctions Reimposition

Donald Trump Goes All ‘Game Of Thrones’ With Iranian Sanctions Reimposition

The Trump administration is reinstating all U.S. sanctions on Iran that were removed under the 2015 nuclear deal.

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.

They added, "on November 5, 2018, all United States sanctions that were lifted under the disastrous Iran nuclear deal will be fully reimposed".

Sputnik adds: Tehran welcomes the USA decision to allow eight countries to continue buying Iranian oil after Washington reimposes its sanctions on Iran on November 5, Ali Kardor, managing director of the National Iranian Oil Company and Iranian deputy oil minister, said in an interview for the local ISNA news agency.

The latest U.S. measures exclude any company that trades with Iran from doing business in the United States.

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Diplomats told Reuters last week that the new European Union mechanism to facilitate payments for Iranian exports should be legally in place by November 4, when the next phase of United States sanctions hit, but will not be operational until early next year.

On Monday, Treasury will add more than 700 names to the list of blocked entities, he said, which includes "hundreds of targets previously granted sanctions relief under the JCPOA, as well as more than 300 new designations".

While the U.S. had previously wanted countries including India to completely halt oil purchases from Iran by 4 November when its full sanctions against Tehran come into force, it seems to have relented considering the havoc the move to completely take out Iranian supplies from the market would have had on prices.

Iranian leaders said the sanctions are aimed at toppling the government and have ruled out negotiations with the Trump administration. "The U.S. must reverse course before irreparable harm is done to the Iranian people, regional security and America's worldwide standing". "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.

"We have advised SWIFT that it must disconnect any Iranian financial institution that we designate as soon as technologically feasible to avoid sanctions exposure", Mnuchin said on the call. The Islamic Republic is a preferred supplier for India, making the country the second-largest purchaser of Iranian crude after China due to sweeteners such as 60-days credit, free insurance and shipping, among others. South Korea, Japan and India are expected to get a reprieve, however, and possibly China.

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"Until then, our historic sanctions will remain in full force", he said, hours after his two Cabinet members, Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin, announced that the US would reimpose a series of crippling sanctions on Iran beginning on Monday.

But will these companies risk being hit by secondary sanctions which would limit their own ability to trade with the US? Iran is bracing for the restoration of USA sanctions on its vital oil industry set to take effect on Monday, Nov. 5, 2018, as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment. "Iran's oil exports are decreasing and difficulties paying Iran for oil with hard currency are evident".

That could make it extremely hard for Iran to do business with other countries.

"Don't be disillusioned about how painful this will be", says Ellie Geranmayeh, senior policy fellow at the European Council on Foreign Relations.

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