Published: Wed, November 07, 2018
Markets | By Noel Gibbs

Trump wants to impose sanctions gradually on Iran's oil

Trump wants to impose sanctions gradually on Iran's oil

He said the pressure "is only going to mount from here" unless Iran's leaders halt its support for terrorism and abandon its nuclear ambitions "immediately".

Rouhani added that his country would resist efforts to punish it for its disputed nuclear program.

"This is an economic war against Iran but".

Meanwhile, it has been noticed that the European Union did not get a waiver for continuing oil imports from Iran. Those countries include China, India, South Korea, Japan and Turkey.

Oil markets have been preparing for the sanctions for months.

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They said Iran's exports could well recover somewhat since Japan and South Korea had sharply cut their imports in the past few months as they sought the waivers from the U.S. On Sunday, U.S. Secretary of State Mike Pompeo said that the waivers were granted to give some countries with time to wind down their purchases of Iranian oil to zero.

Pompeo further stated that the United States hopes "an agreement with Iran is possible", however, failure to change their ways will invite relentless pressure from the US. "It can either do a 180 degree turn from its outlaw course of action and act like a normal country, or it can see its economy crumble", Pompeo said.

"The Iranian people have had 39 years of economic mismanagement". The U.S. should expect some retaliation, perhaps with terror proxies. A lack of jobs and high prices have also led to major protests. The Assad government now controls more territory than any other warring party in Syria, courtesy of Iran and Russian Federation.

As NPR's Colin Dwyer reported recently, "Since May, when President Trump vowed to unilaterally pull the US out of the Joint Comprehensive Plan of Action, his administration has telegraphed its intentions to restore the sanctions that had been lifted as part of the pact".

"The refusal of EU waivers is punitive", former U.S. State Department official Wayne White told Xinhua, adding that Washington wanted to force the European parties "to rupture sufficient ties with Iran to render the remaining benefits of the agreement of little value to Iran".

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Iranian rials, US dollars and Iraqi dinars are seen at a currency exchange shop in Basra, Iraq November 3, 2018.

Israel has been a fierce opponent of the 2015 nuclear deal, saying it didn't rein in Iran's regional military activities. "We stand with them as they call for the regime to respect their human rights and dignity", said US Special Representative for Iran, Brian Hook.

Powerful Shia cleric Ayatollah Ahmad Alamolhoda issued the chilling warning to the Trump administration about the consequences of cutting off Iranian oil exports in its latest round on sanctions.

"This action is aimed at cutting off Iranian banks that facilitate Iran's domestic repression and foreign adventurism from the worldwide financial system, and will highlight for the world the true nature of the regime's abuse of its domestic banking system", Sigal Mandelker, Treasury's counter-terrorism chief, said in a statement. Chief Cabinet Secretary Yoshihide Suga told reporters Tokyo was analyzing the potential impact and was in close consultations with the US on protecting Japanese companies from "adverse consequences".

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