Turkey among 8 nations given Iran sanctions waivers

Turkey among 8 nations given Iran sanctions waivers

Iran has greeted the re-imposition of US sanctions with air defense drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation".

Secretary of State Mike Pompeo has warned that the USA will exert "relentless" pressure on Iran unless it changes its "revolutionary course".

Trump administration provides details on sanctions against Iran that snapped back into place on Monday.

Advocates of a hardline approach to Iran in Congress say they are not being fooled by the administration's rhetoric, which has historically been tough but is not being backed up with action.

Iran's military forces staged war exercises and its president defiantly vowed to "break" U.S. sanctions on oil sales that were reimposed today, as Tehran resisted a Trump Administration pressure campaign aimed at isolating the country economically.

Sajjadpour said that a "political civil war" was under way in the United States between an internationalist school of thought and supporters of Trump asserting a new and "narrow-minded definition of American nationalism which negates the interests of the rest of the world".

Several of these countries depend partially on Iranian oil, including Turkey, which imports a quarter of its 830,000 barrels per day from its Iranian neighbour, according to a Bloomberg report.

The country had developed a "100 percent homemade" security system that was more independent than any other country in the world, and did not rely upon alliances.

"An important component of our diplomacy is standing with the Iranian people, they are the longest-suffering victims of the regime's brutality and economic mismanagement".

In reaction, a senior Iranian official who declined to be identified said Tehran was not concerned about the sanctions and will not yield to pressure to change its policies. "Therefore, we will proudly break the sanctions". The U.S., Britain, China, France, Russia and Germany signed that agreement, along with Iran.

He further stepped up the rhetoric, comparing Iran's situation in the 1980s war against Iraqi ruler Saddam Hussein with the current one and Trump's move to reinstate U.S. sanctions.

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The measures, suspended in 2016, largely target Iran's oil exports by seeking to block dealings with Iran's banks, as well as its shipping and aviation industries.

One major challenge for the U.S.is the size of the market that must be policed.

There's a strong link between the new USA sanctions on Iran that went into effect on Monday and the midterm elections taking place the next day. Tankers are also painted and regularly change their flags.

The sanctions are created to push Iran's exports to zero. This [decision] has become a result of our tough negotiations with USA officials over the last six months.

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

That leaves the black market, analysts say, with questions over exactly how much money Tehran could make.

Oil prices rose as the sanctions went into effect, with global benchmark Brent crude up by more than $1 to a session high of $73.92 a barrel.

Crude oil markets topped out with WTI reaching 75.00 per barrel only a month ago, but a crushing wave of crude production is threatening global oil markets' two-year bullish extension. Although the percentage is small, it represents almost $150 billion worth of illegal sales.

Pompeo said that more than 20 nations have already reduced oil imports from Iran and that exports have dropped by a million barrels a day. Had it been granted a waiver, analysts say it would have been easier for Iran to mix its crude with production from its neighbor to sell on worldwide markets.

Iran's President Hassan Rouhani condemned the move, calling the sanctions "economic warfare".

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