Turkey and Iraq to get exemptions from United States sanctions on Iran

Turkey and Iraq to get exemptions from United States sanctions on Iran

Iran hopes less transparency will allow it to keep selling oil after November 5 when the United States reimposes the last set of sanctions lifted under the 2015 nuclear deal, which Washington abandoned in May. The EU is creating a special mechanism that would circumvent USA financial sanctions on Iran.

United States officials have already said the sanctions would be meant to bring down Iran's oil exports to zero.

The United States will also add 700 individuals and entities to its Iran blacklist and pressure the global SWIFT banking network to cut off Tehran when the sanctions are put back in place next week, U.S. officials said.

Anger and distrust of the USA are surging again following President Donald Trump's decision to withdraw from Iran's nuclear deal with world powers despite Tehran's compliance with the agreement, which was negotiated under the Obama administration.

The Trump administration announced Friday it will reinstate sanctions on Iranian institutions and companies as the next step of its exit from the multilateral nuclear deal.

The sanctions come six months after US President Donald Trump withdrew from the 2015 nuclear deal struck between world powers and Iran.

Iranian protesters hold placards mocking US President Donald Trump, Saudi King Salman and Crown Prince Mohammed bin Salman outside the former US embassy in Tehran on Nov 4, 2018.

Meanwhile, Iranian state television reported that the Islamic Republic had started production of the locally-designed Kowsar fighter plane for use in its air force.

The US sanctions waiver will help the market to avoid an immediate price shock, which Trump would not welcome with the US mid-term elections coming on November 6. He did not announce which countries those are, but indicated they did not include the 28-member European Union as a bloc.

Pointing to United States soldiers' "whimper of fear" in their encounter with Iran and the high number of American veterans who commit suicide because of depression, the IRGC chief said the U.S. power is on the wane. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.

Pompeo said on Friday that the sanctions were "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world".

With buyers at the centre of oil majors' future growth plans, India, which meets 83% of its crude oil requirement through imports, has been pushing for a change in the global energy architecture.

On Twitter, in a message created to emphasize his "maximum pressure" policy toward Iran, Trump included a photograph of himself modeled on a entertainment industry poster with the headline: "Sanctions are coming November 5".

The US granted waivers to eight countries but only on condition they make substantial cuts to their purchases.

They wanted to prohibit Iran from selling any oil, what Secretary Pompeo even said yesterday (Friday), the goal was to prevent Iran from selling oil altogether and they realized that that goal is not achievable, so what they did in effect was they issued exemptions for eight countries and these eight countries are going to continue to buy Iranian oil.

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