Iranians rally to mark anniversary of U.S. Embassy takeover
Iranians rally to mark anniversary of U.S. Embassy takeover
Global Look Press Carsten Reisinger
05 November, 2018, 23:30
The second, and final round of, U.S. sanctions go into effect on Monday, specifically targeting Iran's crude oil exports, shipping and ports and the financial system.
United States president Donald Trump has said that the USA sanctions will hit Iran in a "big way" from 5 November, asserting that the "toughest-ever" punitive measures have been put in place for a "corrupt regime" in Tehran.
Iran greeted the re-imposition of US sanctions on Monday with air defence drills and a statement from President Hassan Rouhani that the nation faces a "war situation", raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold.
US Secretary of State Mike Pompeo called this "the toughest sanctions ever placed" against Iran. The rollback ends United States participation in the Obama-era accord, which now hangs in the balance as Iran no longer enjoys the billions of dollars in sanctions relief it was granted under the deal in exchange for curbs on its nuclear program.
European countries which are still party to the accord created to curb Iran's nuclear activity say they will help businesses bypass the sanctions.
France, Germany, Britain, and the European Union issued a joint condemnation Friday of the USA move, vowing to protect European companies doing "legitimate" business with Tehran. Washington says it wants a new deal with Iran, curtailing its regional interventions and missile programme - demands which have been flatly rejected by Tehran. Dr. Molavi believes that the banking sector will be the first to feel a significant negative effect from the sanctions, but in the future Iran, using circumvention mechanisms, will be able to circumvent this barrier. He said that two of the countries will be bringing their Iran oil imports to zero, but just needed some more time to wind down.
"They need a little bit more time to get to zero", Pompeo explained.
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More than 100 global companies have pulled their business from Iran due to the further sanctions.
"All eyes will be on Iranian exports, whether there will be some cheating around USA sanctions, and on how quickly production will fall", said Riccardo Fabiani, an analyst for Energy Aspects. "But they're not doing very well", he said, referring to the economic setbacks the country has already faced because of an earlier round of USA sanctions. "We think China and Iran carrying out normal cooperation under the framework of worldwide law is lawful and reasonable, and (this right) should be respected and protected", he added.
"Mr. Trump! Never threaten Iran because moans of the frightened USA forces in Tabas can still be heard", Gen. Jafari said, referring to the failed American mission to rescue the hostages known as Operation Eagle Claw.
"Saudi Arabia can produce 12 million barrels a day, but only if it invests", said Hancock, noting that the country now produces just under 11 million barrels a day.
And Washington has now reimposed all the sanctions which were suspended in 2015 - hitting crucial parts of Iran's economy including its lucrative oil industry. "Sanctions waivers being given to key purchasers of Iranian oil, most alarmingly China, give Iran a financial reprieve, and should be eliminated as soon as possible".
USA secretary of state Mike Pompeo has said the Trump administration is committed to reducing Iranian crude imports by its major buyers China and India to "zero" and warned ominously, but without specifics, "watch what we do".
Some 52 Americans were held hostage for 444 days in Iran.
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Pompeo set the tone in a June speech where he accused China of an "unprecedented level of larceny" of intellectual property. A Justice Department spokesman said the defendants were served summonses in Taiwan and that none is in custody.