Iran's president warns over USA push against buying Iran oil

Roman Schwartz
July 4, 2018

Proposals to allow European finance to bypass American sanctions have been met with skepticism by EU states, which are also trying to negotiate trade disputes with the Trump administration that could threaten US exports worth more than $435 billion.

Iranian President Hassan Rouhani suggested on Monday that the United States' push for its allies to cut off all oil imports from Iran could disrupt other regional oil exports.

"If any major corporation, any country, is openly in violation of USA sanctions and in particular if they are giving the Iranian regime access to hard cash that would greatly undermine the Administration's strategy and would likely give the Iranians a lifeline to survive to the next presidential election", says Goldberg, who is now senior advisor for the Foundation of Defense for Democracies, a right-leaning Washington think tank.

"This is really a baseless fantasy", he added, condemning an "unjust" scenario where all oil producers are allowed to export crude except Iran.

During the meeting the ministers will discuss an "incentive package" the European Union is offering to try to persuade Iran to stay in the agreement, IRNA reported.

After Trump announced his withdrawal from the Iranian nuclear agreement, Mr Hook said American officials have been visiting several world capitals to convey president Trump's message of cooperation and coordination on the Iran issue. The U.S. accuses Iran of violating the accord's spirit through destabilizing activities the Middle East. "Iran's incomes and expenses are clear, so their claim is unfounded". "They don't understand the meaning of this statement, because it has no meaning for Iranian oil not to be exported, while the region's oil is exported", the website, president.ir, quoted him as saying. And the State Department official acknowledged that talks have yet to begin with any of those countries regarding curtailing sales.

The United States pulled out of a multinational deal in May to lift sanctions against Iran in return for curbs to its nuclear program.

Iran is OPEC's second-largest crude exporter with more than 2 million barrels a day. Beijing is casting about for ways to retaliate against US tariffs announced so far, including higher duties already levied on $34 billion worth of Chinese goods with a further $216 billion possibly facing higher tariffs later this summer. Didn't they attack Iran's oil platform during the war?

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He also said "when investment in Iran faces hurdles, development of industries that have enjoyed it, increasing non-oil income, will be disrupted".

August 6 November 4 Iran restrictions on dollar purchases Sanctions on oil-related transactions Sanctions on gold, precious metal trades Sanctions on transactions with Iran Central Bank Sanctions on supply of graphite, aluminum and industrial software Sanctions on supply of specialized financial messaging software Sanctions on automotive sector Sanctions on underwriting and insurance services Sanctions on purchase, facilitation of Iranian debt Sanctions on energy sector With assistance from Golnar Motevalli and Jade Cano.

"Iran will remain committed to the deal, as long as its interests are preserved", Mr Rouhani said. Iran has asked the European countries to come up with a new economic package to offset the USA sanctions and preserve the accord. "We want to work with these countries to build a strong global effort", he said. And pricey oil could be a political liability ahead of the US midterm elections this fall.

The announcement of Friday's meeting came with Iranian President Hassan Rouhani in Europe to rally support for the deal.

The Trump administration's announced intention of reimposing sanctions on Iran has sparked concern about rising oil prices. Saudi Arabia and Russian Federation are expected to make up the bulk of the extra oil production, since few other big oil producers have room to ramp up output significantly, if at all. The president stressed that no power in history has been able to make the Iranian nation give in to illogical demands.

"Our focus is on getting as many countries importing Iranian crude down to zero as soon as possible".

The White House said on Saturday that Saudi Arabia's King Salman had promised Trump that he can raise oil production if needed, and that Riyadh has 2 million barrels per day of spare capacity. That's led to higher prices at gasoline pumps in the United States as it heads toward midterm elections for Congress. The kingdom now produces some 10 million barrels of crude daily. "So, frankly, I expect the administration will be explaining how they didn't get to zero come November".

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