Iran Sanctions Kick in Monday

Iran's Supreme Leader Ayatollah Ali Khamenei

"The last set of sanctions lifted under the bad nuclear deal will come back into force, including powerful sanctions on Iran's energy, shipping, and shipbuilding sectors, and sanctions targeting transactions with the Central Bank of Iran and sanctioned Iranian banks", the President said.

The new wave of sanctions, the second since August, will target Iran's energy, shipbuilding, shipping, and financial sectors.

The oil and financial sanctions end all the economic benefits the USA granted to Tehran for its 2015 nuclear deal with world powers, even though Iran has been abiding by the accord that saw it limit its enrichment of uranium.

U.S. Secretary of State Mike Pompeo said he was confident Iran will not restart its nuclear weapons program, speaking just a day before Washington is set to reimpose a slew of sanctions on Tehran.

Pompeo issued a specific warning to Europe, saying "European companies will not be permitted to do business with both the United States and with Iran". The other signatories to the nuclear deal have demanded that Iran accede to the FATF.

"In the medium term, it will backfire; the United States and its allies will lose influence, while Iran will gain confidence and power", he wrote on the website of the Middle East Eye.

Next, add the ongoing massive trade war between the U.S. and China, such that the impact of USA sanctions against China relating to Iran are really a small piece of a much bigger game.

But Trump denounced the nuclear deal, approved by his predecessor Barack Obama, as flawed in Iran's favor and withdrew Washington from the pact in May.

The Trump administration said it has asked these countries including Turkey, Iraq, Italy, Japan and South Korea to bring down their oil purchase to zero as soon as possible.

Mr Rouhani, meanwhile, pledged that Iran would overcome the sanctions.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", he said.

On Monday, Tehran greeted the sanctions with air defense drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation".

Crude oil markets topped out with WTI reaching 75.00 per barrel only a month ago, but a crushing wave of crude production is threatening global oil markets' two-year bullish extension. "But, as you know, sanctions are starting on Iran and, Iran is taking a very big hit", he said. "They will definitely have a gradual escalating impact on economic conditions and, subsequently, on the relations between Iran and the US".

He further stepped up the rhetoric, comparing Iran's situation in the 1980s war against Iraqi dictator Saddam Hussein with the current one and President Donald Trump's move to reinstate USA sanctions.

Indian Oil Minister Dharmendra Pradhan said his country and other leading oil importers would benefit from the U.S. waivers.

The other parties to the nuclear deal see it as an important bulwark against the risk of wider war in the Middle East and have reaffirmed their commitment to it. Iran has said it could leave the pact if the European Union cannot protect its economic benefits. The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.

Related news:

Hot News

isis-killer-beheading-video-story-top Jose Mourinho: "Fundamental" Herrera was behind Man Utd comeback v Bournemouth
Nov 05, 2018 - 13:20
Substitute Ander Herrera was excellent and almost scored, with fellow sub Rashford scoring the vital late goal from close range. When asked why United started so poorly, Mourinho was at a loss: "I can't understand [why we started slow]".

isis-killer-beheading-video-story-top Samsung might omit earphone jack in upcoming Galaxy S10
Nov 04, 2018 - 08:09
To do so, the Galaxy S10 design was put between its predecessor, the Galaxy S9 , and Apple's 2018 flagship, the iPhone Xs Max. When opened the phone boasts a display measuring 7.8inches - larger that many tablets.

isis-killer-beheading-video-story-top Hulk Hogan Returns To WWE At Crown Jewel PPV In Saudi Arabia
Nov 04, 2018 - 07:30
The pre-show featuring Shinsuke Nakamura vs Rusev for the United States Championship starts at 3pm in the UK and 11am ET/8am PT. WWE fans took to Twitter to express their disappointment at the formulaic match and the overall result.

isis-killer-beheading-video-story-top How to watch UFC 230 on TV and online
Nov 04, 2018 - 07:28
Their chicken challenge goes back to July when the fighters shared the dais after they both fought on the same pay-per-view card. But with that being said, the unorthodox fighting style backed by walloping punches may just make the cut for Derrick Lewis .

isis-killer-beheading-video-story-top Romelu Lukaku not included in Man Utd squad vs Bournemouth
Nov 04, 2018 - 06:43
United were dominant in the second half and should have won the game long before Rashford's victor . Defensively they looked a bag of nerves as Bournemouth relentlessly attacked down both wings.

isis-killer-beheading-video-story-top Shah Rukh Khan late-night birthday bash interrupted by Mumbai Police
Nov 04, 2018 - 06:32
When Shah Rukh Khan was asked which cricketer he would like to dismiss on Zero , the legendary actor came up with a ideal reply. The film " Zero " revolves around Bauua - a vertically challenged man essayed by Shah Rukh Khan .

isis-killer-beheading-video-story-top What Virgil van Dijk told Jurgen Klopp after Arsenal draw
Nov 04, 2018 - 05:06
His recent run is reminiscent of the fabulous start he made at Old Trafford, when he scored four goals in his first four games. Crystal Palace are now on a poor run of form in the Premier League , having failed to win in their last five top-flight games.

isis-killer-beheading-video-story-top Migrants’ brief hopes of buses to Mexico’s capital dashed
Nov 04, 2018 - 01:59
District Court, by Nexus Services Inc., which is funding it through civil rights law firm Nexus Derechos Humanos Attorneys Inc. Other caravans, also made up of people who have left poverty and violence at home, have since followed.

isis-killer-beheading-video-story-top Sino-US Relations Can Improve, Says Chinese Premier Amid Trade War
Nov 02, 2018 - 14:33
Neither leader specified any details of possible progress in their first known direct discussion in several months. Trump said he and Xi also had "a good discussion on North Korea".

isis-killer-beheading-video-story-top Video of cop killer becomes Trump campaign push
Nov 02, 2018 - 14:32
That video was timed to the one-year anniversary of Trump's inauguration and meant to promote his immigration agenda. Democratic National Committee Chairman Tom Perez characterised the ad as "distracting, divisive Donald at his worst".

isis-killer-beheading-video-story-top India vs West Indies, 5th ODI
Nov 02, 2018 - 14:14
Hope scored 250 runs, while Hetmyer hit 250 to give the Windies a bit of hope of winning the series. Ace India pacer Bhuvneshwar Kumar is just 2 wickets away from his 100 wickets in ODIs.

isis-killer-beheading-video-story-top Here’s why Shah Rukh Khan protected Anushka Sharma’s look in Zero!
Nov 02, 2018 - 14:01
Meanwhile, the "Badshaah" of Bollywood will be releasing the much-anticipated trailer of his upcoming movie " Zero " later today. Soon after, Aamir had to had to post his review of the trailer and this is what he wrote: "I just saw the trailer of Zero ".

isis-killer-beheading-video-story-top Pentagon ramps up military activity across border before midterms
Nov 02, 2018 - 09:41
The National Guard is often used by states to help with border security. "If you wanna wait, they don't usually get asylum". The military troops are meant to assist the border patrol, not engage directly with migrants, several officials said.

isis-killer-beheading-video-story-top Warner, Smith Bans Will Stand, CA Says Australia Ahead of India Series
Nov 01, 2018 - 12:46
Cricket Australia chairman David Peever and new CEO Kevin Roberts have the task of turning things around. Australia paceman Josh Hazlewood says CA's stance on the banned trio should be accepted.

isis-killer-beheading-video-story-top Why Chelsea's generosity to Frank Lampard may come back to haunt them
Nov 01, 2018 - 11:30
Lampard's new side had his old side absolutely rattled for long periods here, with Mason Mount and Tom Huddlestone outstanding. Boss Maurizio Sarri goes with Willy Caballero in goal, while Gary Cahill and Andreas Christensen are the centre-back pair.