India Welcomes Waiver From U.S. Sanctions Against Iran

04 November, 2018, 20:35 | Author: Clarence Schmidt
  • This image taken from the Twitter account of President Donald J. Trump @realDonaldTrump shows what looks like a movie-style poster that takes creative inspiration from the TV series 'Game of Thrones' to announce the re-imposition of sanctions

Iranians suffered a great deal under the sanctions that were lifted by the nuclear deal in July 2015; they are not ready for a new round of sanctions that Trump has promised will be tougher and more painful than before.

The EU says 12 consecutive reports from the International Atomic Energy Agency show that Iran has stuck to the terms of the deal.

However, a source close to the project say executives at Zarubezhneft have scrapped the deal ahead as further U.S. sanctions are about to come into force against Iran, according to Reuters.

President Donald Trump withdrew from the deal in May, describing it as "defective at its core". Cabinet officials also pushed back on criticism from opponents of the deal that the United States is not going far enough to fulfill the administration's goal of "maximum pressure" on Iran. "But, as you know, sanctions are starting on Iran and, Iran is taking a very big hit", he said.

Anger and distrust over the U.S. is surging again following Mr Trump's decision to withdraw from landmark nuclear deal with world powers despite Tehran's compliance with the agreement, which was negotiated under the Obama administration.

Barack Obama, the USA president at the time, had argued the deal would prevent Iran from developing nuclear arms.

These eight countries are among the top 20 oil importers from Iran, he told reporters.

He said the Trump administration believed that a constrained, struggling Iran would see its influence erode.

The sanctions take effect Monday and cover Iran's shipping, financial and energy sectors.

"During 2012-2015, when the global community was relatively united in pressuring Iran, Iran's economy shrank by 9 percent per year, crude oil exports fell from about 2.5 million barrels per day to about 1.1 mbd, and Iran was unable to repatriate more than $120 billion in reserves held in banks overseas". They are the second lot of sanctions re-imposed by Mr Trump since May. So having sanctions back at the same time, on the same day basically, that the Iranians go to the streets to demonstrate against USA foreign policy, I don't know if it's a coincidence or it was designed, but I think more than what you see with regard to the Iranian public I think the Trump administration is looking at the midterm elections.

Any sanctions would have had a major impact on India, given it's growing demand.


In addition, under far-reaching secondary sanctions, any United States company faces punishment if it does business with a company that does business with Iran.

Europe will also seek to "maintain financial channels operational with Iran and to ensure the continuation of Iranian oil and gas exports", it said.

India and South Korea were also on the list, said a source familiar with the matter who spoke on condition of anonymity.

Foad Izadi: The difficulty, I think, is that the Trump administration isn't really interested in reaching a new agreement with Iran. "A normal, stable and developing Iran is good for all concerned", Dr Gargash tweeted.

The US has agreed to temporarily allow eight countries to continue buying Iranian oil after it reimposes crippling sanctions on Tehran on 5 November, Secretary of State Mike Pompeo said on Friday, citing "significant reductions" in imports of oil from the Persian Gulf nation.

Earlier in the day, Bloomberg reported, citing an anonymous senior official from the USA administration, that the United States had agreed to grant eight states, including India, Japan and South Korea, waivers from the upcoming U.S. sanctions targeting Iranian oil sector.

Demonstrators in Tehran gathered on Sunday outside the former U.S. diplomatic mission, also known as the "Den of Espionage", chanting slogans against the United States.

He added that it had not been determined yet whether the waivers would be temporary or permanent, specifying that additional negotiations were required for making the final decision.

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 on Iran are part of US President Donald Trump's effort to force Tehran to curb its nuclear and missile programmes.

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