Seoul granted waiver to buy Iranian oil

Leroy Wright
November 7, 2018

The move by the White House re-imposes USA sanctions that were lifted as part of a 2015 multinational deal with Tehran and impose hundreds of additional sanctions created to hit Iran's key economic sectors - including oil and gas, shipping and banking.

The sanctions end all economic benefits the United States had granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord that saw it limit its enrichment of uranium.

"Eight countries will receive sanctions waivers, however, including four of Iran's top oil consumers: India, China, South Korea and Japan", the Jerusalem Post acknowledges, referring to the new USA restrictions.

Israeli Prime Minister Benjamin Netanyahu on Monday called the start of new United States sanctions against his country's main enemy Iran a "historic day" that will reduce Tehran's "aggression" in the region.

He said that two of the eight jurisdictions will wind down Iranian oil imports to zero in "weeks" and the six others will import "at greatly reduced levels".

In May, US President Donald Trump withdrew from the deal which was signed by his predecessor Barack Obama after years of negotiations.

The expectation of sanctions has already taken 1.1 million barrels of Iranian oil a day off the market. The sanctions have been reimposed in stages, with the final set going into effect on Monday.

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He said the U.S. policy is to levy "maximum economic pressure" on the country.

Tehran vowed to defy the economic war while Iranian clerical rulers have dismissed concerns about the impact on the economy.

In an interview with Press TV, political columnist David William Pear said that the U.S. sanctions are "really putting such hardships on the Iranian people and it is totally unnecessary". "Rest assured, Iran will never come close to getting a nuclear weapon on President Trump's watch".

"Allowing these activities to continue for the time being will improve ongoing oversight of Iran's civil nuclear program", Pompeo said, "and make these facilities less susceptible to illicit and illegal nuclear uses".

The moving to hit Iran economically with what U.S. Treasury Secretary Steven Mnuchin calls a "maximum pressure" campaign against the country's energy and banking sectors. Today, the Japanese government, namely the Economy, Trade and Industry Ministry, informed us of the fact that Japan has been exempted from sanctions.

"We have the toughest sanctions ever imposed but on oil we want to go a little bit slower because I don't want to drive the oil prices in the world", Trump told reporters on November 6. The visiting envoy also called for concreted action by the worldwide community to stand against USA unilateralism, and denounced the use of economic and trade options for imposing a country's political will on others.

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