Published: Mon, November 05, 2018
Markets | By Noel Gibbs

USA unleashes 'toughest ever' sanctions on Iran

USA unleashes 'toughest ever' sanctions on Iran

The Trump administration has worked to crush Tehran's oil exports to zero since May, when Mr. Trump withdrew the US from the multilateral deal endorsed by the Obama administration that eased global sanctions in exchange for curbs on Iran's suspect nuclear programs.

Part of the explanation lies in the ambiguous position of the U.S., which initially insisted that the sanctions were created to reduce Iranian exports to zero barrels, but has since has softened its position.

All of the other signatories have argued the agreement is the best way to ensure Iran does not develop nuclear weapons, and Iranian officials have pledged to remain a party as long as the other non-U.S. parties continue observing it.

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

The measures described by Washington as "the toughest sanctions ever" follow Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran.

Rouhani said the case needs no mediation, adding that Iran would be ready to talk with the USA only when the Western country begins to comply with its commitments.

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'We are in the war situation, ' he said. "The main objective from the USA side is to force Iran to accept most - if not all - of its 12 conditions and demands".

"President Trump's bold decision is the sea-change the Middle East has been waiting for. The sanctions are truly coming", Netanyahu said.

"But US bullying is backfiring. The maximum pressure we imposed has caused the rial to drop dramatically, the country's Cabinet is in disarray, and the Iranian people are raising their voices even louder against a corrupt and hypocritical regime". The other parties to the deal - Britain, France, Germany, China and Russian Federation - say they will not leave.

"Today, Iran is able to sell its oil and it will sell", Rouhani vowed Monday as the sanctions kicked in.

Pompeo maintained that despite the waivers, "these sanctions have already had an enormous impact". Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave.

"Parsian was sanctioned because one company, Andisheh Mevaran, bought and sold less than 0.3% of the total shares of the bank in the stock market", the CEO told Bourse & Bazaar.

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While now not threatening to resume higher enrichment, in recent months Iranian officials have made a point to threaten that it could resume at any time faster than before.

While not threatening to resume higher enrichment, Iranian officials in recent months have said this could resume at any time - and faster than before.

Iran's Supreme Leader, ayatollah Ali Khamenei also attacked the United States and President Donald Trump a day earlier, on November 3, criticizing those who advocate negotiations with Washington. But Brent crude was steady at $72.83 by 1230 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel.

The reimposition comes as Trump and Congress focus on congressional and gubernatorial elections in the U.S. Many will see the results as a major triumph for the president, or a political blow.

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