China And India Get Waivers From US Sanctions On Iran's Oil

A Saudi Arabian oil facility

A Saudi Arabian oil facility

The European Union, France, Germany and Britain said they regretted the usa decision and would seek to protect European companies doing legitimate business with Tehran.

In what the US said was the largest-single sanctions designation, US Treasury imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels.

Anti-US rhetoric from the Iranian government is familiar from the Iranian government, but relations between the two countries are at a particular low over the Trump administration's hard line on Tehran's nuclear and military ambitions.

Iranian leaders called the sanctions "illegal" and said they would only hurt ordinary people.

Asserting that the United States wants Iran to change its behaviour, Pompeo said that at the center of it is an unprecedented campaign of economic pressure. He wouldn't say whether India and China are getting waivers, or if they'd delivered commitments to stop their purchases.

Brent futures for January settlement added 96 cents to US$73.79 on the London-based ICE Futures Europe exchange. If there were any, the USA would "aggressively pursue our remedies", he said.

Pompeo alleged that Iran has been "underwriting Lebanese Hezbollah, that presents a threat to the United States and to Israel; underwriting the Houthis in Yemen, causing an enormous conflict to take place there in that country; the efforts in Iraq to undermine the Iraqi government, funding Shia militias that are not in the best interest of the Iraqi people; their efforts in Syria".

The sanctions end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers.

The president believes his "maximum pressure" strategy is working. Pompeo boasted that more than 20 oil-importing nations have already cut their oil imports from Iran to zero, costing what he called the "Iranian regime" more than $2.5 billion dollars. "We have to stand to win", Mr. Rouhani said in a statement. These are not permanent waivers, no way.

Iran is already in the grip of an economic crisis, and has seen sporadic protests in recent months as Iranian officials have tried to downplay the sanctions and their effects.

Oil prices fall 2 percent on rising supply and trade war
In addition, global oil supply is also rising as Russia, Saudi Arabia and the USA pumped 33 million barrels per day in September. His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report".

Mr Pomeop also identified eight countries that were granted exemptions to temporarily continue buying Iranian oil - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea.

Last year, Iran was the sixth-biggest oil exporter in the world.

"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".

"We will proudly break the sanctions", he said at a meeting of economic officials.

USA sanctions permit trade in humanitarian goods such as food and pharmaceuticals, but measures imposed on banks and trade restrictions could make such items more expensive.

"Iran, right now, is in the escape and evasion mode".

They have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing United States penalties.

The UK, Germany and France - which are among the five countries still committed to the nuclear pact - have all objected to the sanctions, the BBC said.

Some of the banks designated on Monday have served as "financial conduits" for the Ministry of Defense and Armed Forces Logistics and the Islamic Republic of Iran Broadcasting, according to the U.S. government.

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