US sanctions against Iran takes effect, 8 countries get waivers

New U.S. Sanctions Against Iran Go Into Effect

US Reimposes Sanctions on Iran's Oil, Financial Sectors

Washington has restored measures lifted under a 2015 nuclear deal negotiated with Tehran by the administration of President Barack Obama.

Late last week, USA government officials signaled that the United States would be granting waivers to eight countries to continue temporarily buying Iranian oil, on the condition that they had significantly reduced purchases from Iran.

The nations of South Korea, China, India, Italy, Greece, Japan, Taiwan and Turkey have been given a temporary exemption of the oil embargo to ensure the well-supplied oil market.

China denounced new United States sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

On Monday, the USA restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action to stop what Washington calls its "outlaw" policies, steps Tehran calls economic warfare and vowed to defy.

Donald Trump is convinced that the economic pressure will force iran to accept its terms and conditions to a new permanent agreement on the nuclear, the text of 2015 with attached conditions for 10 or 15 years. Three hundred of the entities are new targets.

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The US wants to shut down Iran's crude oil exports with the embargo.

Japan said on Tuesday it would soon raise Iran imports in accordance with the waivers.

"This is an economic war against Iran".

In May, President Donald Trump announced that the United States would withdraw from the agreement.

In a sweeping list, the Treasury Department labeled an additional 700 entities, including individuals, banks, vessels, aircraft and Iran's energy sector as part of its decision to reapply harsh sanctions that kicked in early Monday morning.

Iraq has also been given an exemption, Brian Hook, the U.S. special representative for Iran, told reporters in a conference call, saying Iraq was working "on reducing Iran's influence and opening Kirkuk, which would be another 200,000 barrels of oil".

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"It is therefore likely that Iranian oil exports will stabilize at their present level of a good 1 million barrels per day", analysts at Commerzbank said in a commentary.

After pulling the United States out of a nuclear deal struck between Iran and six major powers - Britain, China, France, Germany, Russia and the United States - the Trump administration began reimposing sanctions on Iran in August. The countries will be able to buy Iranian oil for up to 180 days despite the reimposed sanctions. "If the sanctions are prolonged, it will be a factor (in causing production costs to increase)", said one official from a local petrochemical company.

In Iran, the return of sanctions is construed by the authority as evidence that the United States does not know how to keep your word.

"We have recently hashed this issue over with the IAEA Secretariat and once again they confirmed to us that Iran irreproachably meets its commitments".

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".

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