China Says It Will Continue Iran Trade Despite New US Sanctions

05 November, 2018, 23:40 | Author: Clarence Schmidt
  • Iranian students rally outside the former US embassy in Tehran Nov. 4 2018

Pompeo said the usa had successfully persuaded over 20 countries to stop or dramatically reduce their oil imports from Iran, causing Tehran's overall sales to suffer by more than 1 million barrels per day.

In a separate interview on Sunday on CBS's "Face the Nation," Pompeo said hundreds of businesses have left Iran since Trump withdrew from the nuclear deal, and any European companies doing business there won't do business with the U.S.

Germany and the European Union have tried to circumvent the embargoes, but Berlin conceded its measures have done little to protect continued trade with Iran.

Foreign minister Zarif said Washington had made itself more isolated by pursuing the sanctions. Here's what you need to know about the situation.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

South Korea, a USA ally and one of Asia's biggest buyers of Iranian oil, asked Washington for "maximum flexibility" last week, after some of its construction firms cancelled energy-related contracts in the Islamic Republic due to financing difficulties.

"The maximum pressure exerted by the United States is only going to mount from here", said Treasury Secretary Steven Mnuchin in a statement ahead of a briefing with Secretary of State Mike Pompeo. "Right now they just want to survive".

Well, Chris, the sanctions that will be reimposed tomorrow are the toughest sanctions ever put in place on the Islamic Republic of Iran.

China, which has been Trump's main sparring partner on the trade front, is Iran's main oil customer.


The statement was made on the day when the second package of United States sanctions, re-introduced after Washington's withdrawal from the Iran nuclear deal and targeting, in particular, Iran's oil sector, takes effect.

The EU, which Trump is still threatening with trade tariffs, is not on the waiver list.

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

Among events held on the embassy anniversary was a cartoon exhibit called "Donald Salman" - a reference to the close ties between the US President and King Salman, ruler of Iran's arch-rival for regional predominance, Saudi Arabia.

"America has launched an economic and psychological war as a last resort".

However, the Europeans need to figure out a way to maintain that trade with Iran without enraging the U.S. As reported Monday by the Financial Times, the EU has been preparing a "special objective vehicle" to safeguard that trade, but it's not yet ready.

Over the weekend, European diplomats continued to discuss another measure, the Special-Purpose Vehicle (SPV). Iran can spend the money but only on a narrow range of humanitarian items.

The Society for Worldwide Interbank Financial Telecommunication, or Swift, is based in Belgium. In August, the State Department established the Iran Action Group to support opposition groups, while National Security Advisor John Bolton - a known Iran hawk - promised to hit Iran with punitive sanctions and "other things" until Tehran toes the American line.

While detailing sanctions on Iran's banking sector, the administration announced the US will allow transactions for humanitarian purposes.

Recommended:

  • One month on, where is Jamal Khashoggi's body?

    The U.S.is urging Saudi Arabia to locate Khashoggi's body and return it to his family as soon as possible. The phone call is reported to have taken place on 9 October, a week after Khashoggi disappeared.
    Possible Endings to the SmackDown Tag Team Championship Match at Crown Jewel

    Possible Endings to the SmackDown Tag Team Championship Match at Crown Jewel

    That 10-year deal, which is part of the Saudis' "Vision 2030" project, reportedly will net the WWE more than $400 million. There was plenty of backlash to his appearance in the replies to WWE's tweet of his entrance at Crown Jewel .
    Trump Tweets Controversial Video of Immigrant Cop Killer

    Trump Tweets Controversial Video of Immigrant Cop Killer

    The video shows a Latino man in court, smiling menacingly. "This is a sickening ad. CBS News is not posting the video here because of the language used.
  • India could breathe a bit easy with waiver

    India could breathe a bit easy with waiver

    Iranian students stormed the embassy shortly after the 1979 Islamic Revolution, taking 52 Americans hostage for 444 days. Similarly, Secretary Mnuchin said a list of banks subject to the new sanctions would also be provided on Monday.
    Victoria Beckham breaks silence as Spice Girls announce reunion tour without her

    Victoria Beckham breaks silence as Spice Girls announce reunion tour without her

    Beckham, now a respected fashion designer, then also took to social media, posting a photo of the foursome alongside a statement. So I'll tell you what you want, what you really, really want - you want tickets, and here is exactly how you can get them.
    Chelsea's Alvaro Morata stars with two-goal performance vs. Crystal Palace

    Chelsea's Alvaro Morata stars with two-goal performance vs. Crystal Palace

    In the opening stages of this game, Roy Hodgson's men were so positive that optimism grew for a genuine contest. Hazard picked up a knock in Chelsea's 2-2 draw with Manchester United and has missed playing time ever since.
  • Mac Miller's Cause Of Death Has Been Revealed

    Mac Miller's Cause Of Death Has Been Revealed

    He was found by his assistant in a "praying position", kneeling forward with his face on his knees. The musician had fentanyl, cocaine and ethanol in his system, according to a toxicology report.
    Divers recover crashed Lion Air's 'black box' from Indonesian sea

    Divers recover crashed Lion Air's 'black box' from Indonesian sea

    At one point, the passenger who shot the video, Paul Ferdinand Ayorbaba, zoomed in on the flight number on his boarding pass. The National Search and Rescue Agency said Tuesday that 10 intact bodies as well as body parts had been recovered.
    Nigeria Drops On Ease Of Doing Business Ranking

    Nigeria Drops On Ease Of Doing Business Ranking

    But the report advised Rwanda to improve its process of dealing with construction permits, an area where it ranked 106 globally. Jaitley also said the impact of GST has not been entirely accounted for in the ranking due to an early cut off date.
  • China bus plunged off bridge after woman attacked driver

    China bus plunged off bridge after woman attacked driver

    Rescue teams, including more than 70 salvage vessels, underwater drones and floating cranes, were sent to the site. In response, the driver takes a hand off the steering wheel and grapples with the woman for a couple of seconds.
    Palestinian killed in clashes with Israeli soldiers in northern Gaza: medics

    Palestinian killed in clashes with Israeli soldiers in northern Gaza: medics

    Aisha Abu Daher said her 14-year-old son Abdel-Hamid had "nothing to do with resistance", referring to the militant factions. A preliminary probe by the Israeli army concluded that Israeli soldiers did not fire directly at the Palestinian medic.
    Trump, Oprah go head to head on US campaign trail

    Trump, Oprah go head to head on US campaign trail

    Shortly after her speech, Winfrey posted videos on Instagram of herself going door to door canvassing for Abrams. Abrams is running on a campaign that includes Medicaid expansion, and "common-sense gun control", Winfrey noted.


Popular

Trump risks backlash in zeal for deal to end China trade war
The Trump-Xi meeting would be the first since the two countries began hitting each other with import taxes earlier this year. Trump is planning to meet Chinese leader Xi Jinping at the Group of 20 (G20) summit in Buenos Aires later this month.

India`s 12-member team for the 1st T20I against Windies
Hotstar will avail the online streaming option for the subscribers in India , the United States and the United Kingdom. Introduced in the fifth over, Bumrah picked up another in-form batsman, Shimron Hetmyer (10), in his fourth over.

UFC 230: Daniel Cormier submits Derrick Lewis to defend heavyweight title
Lewis landed a nice combo 30 seconds into the second round and even tried a switch kick as he stepped up the aggression. Cormier had a quick takedown in the first round and turned in a dominant yet tiresome effort to easily take the round.

Djokovic, Federer move into Paris Masters quarter-finals
Djokovic was characteristically dominant on the court on Thursday, as he swept through the first set against Damir Dzumhur. Croatia's Marin Cilic will play Germany's Philip Kohlschreiber after he beat Robin Haase of The Netherlands 6-7, 6-4, 6-2.

Brazil's Bolsonaro says country will again lead ethanol production
Lula himself was barred from running because he is serving a 12-year prison sentence for corruption . Brazil's Industrial National Confederation already released a statement criticizing the decision.

Backed Syrian fighters halt anti-IS offensive after Turkey attacks Kurdish forces
The US has worked closely with the YPG in the fight against ISIS in Syria, straining relations between Washington and Ankara . Central Command said in a news release that a ground force commander agreed on by both countries will lead the joint patrols.

Barbra Streisand belts out hit songs in awesome Carpool Karaoke
That's not the only tech genius Streisand has reached out to. "I called Steve Jobs once", she said. Whoops! "It's a good way to go out", Corden laughed.

Goldman Sachs former investment bankers charged in $4B Malaysian funding scheme
The authorities contend that the bribes and kickbacks were paid to secure 1MDB's bond underwriting business for the bank. Low, the alleged mastermind of a scheme to siphon billions of dollars from the fund, was charged in absentia .

Khashoggi ‘was choked as soon as he set foot inside consulate’
Cengiz last week declined an invitation by the White House, criticizing Trump's statements on Khashoggi's killing . Mr Khashoggi entered the consulate in Istanbul on October 2 to get the needed paperwork to marry his partner.

John Cena won’t wrestle in WWE event in Saudi Arabia
WWE has operated in the Middle East for almost 20 years and has developed a sizeable and dedicated fan base. The last time that Hogan was on WWE programming was at WrestleMania 31 in 2015.