Rouhani says Iran faces ‘war situation’ as USA sanctions take effect

Rouhani says Iran faces ‘war situation’ as USA sanctions take effect

Rouhani says Iran faces ‘war situation’ as USA sanctions take effect

The Trump administration's tough new sanctions on Iran have taken effect, but eight major importers of Iranian oil are being spared from immediate penalties. Pompeo said more than 20 countries have already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day.

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.

"The Iranian regime has a choice, 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", said Secretary of State Mike Pompeo at a press conference.

However eight countries have been granted a temporary exemption for six months despite U.S. warning previously that it would be harder for Iran's oil importers to get a waiver.

Jameel Ahmad, head of market research at futures brokerage FXTM said the "sanctions on Iran have been. priced into the oil markets a long time ago", and that he would "instead focus more heavily on the global demand outlook because of the ongoing external uncertainties weighing down on economic prospects".

Mr. Trump called the Obama-era nuclear deal with Iran the "worst ever" agreement stuck by the U.S. But the other parties to the deal - Britain, France, Germany, China and Russian Federation - stuck with it.

The second batch of United States sanctions against the Islamic Republic took effect on Monday, November 5.

United States officials have said the countries given temporary exemptions from the sanctions will deposit Iran's revenue in escrow accounts and Tehran will be able to use the funds for humanitarian purposes.

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Worst-affected are Iran's important oil, shipping and banking sectors and thousands of Iranians reacted with protests in Tehran, some shouting "death to America".

Hours earlier, Iranian President Hassan Rouhani said Iran would to continue to sell its oil despite Washington's "economic war". The price pressure on oil has scared off financial traders. "These are not permanent waivers - no way, we're going to do everything we can to squeeze Iran hard".

In addition, Pompeo said the United States has granted waivers to continue three nonproliferation projects that provide oversight on Iran's nuclear programme.

Iran's health sector is concerned about the impact of the sanctions, for example lives will be at risk when the country's supply of medicine runs out due to the sanctions.

The president gave companies a specified period to wind down business with Iran - they face punishment from the US government for failing to do so.

Schiff said, "The Trump administration's unilateral re-imposition of these sanctions will also accelerate efforts to facilitate transactions through alternative financial channels that are not reachable by the USA sanctions and into which we will have limited visibility".

He thanked Trump for re-imposing the "most severe sanctions on Iran since the beginning of the efforts to stop its aggression".

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