India Gets US Waiver From Iran Sanctions Along With 8 Others
India Gets US Waiver From Iran Sanctions Along With 8 Others
Reuters Umit Bektas
02 November, 2018, 17:42
With about 72 hours to go for the United States deadline on sanctions on oil trade with Iran as well as dealing with ports and shipping, Indian officials were cautiously optimistic they will receive a waiver from Washington.
Despite these efforts, Allen said any potential Iran oil sanction waivers would likely only be temporary.
President Donald Trump withdrew from the deal in May, describing it as "defective at its core".
The U.S. move infuriated Iran and angered the other countries that negotiated the nuclear deal and still say it's the best chance to constrain the Islamic Republic's nuclear ambitions. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.
- Financial transactions. Starting on Monday, any foreign institution that does business with Iran's central bank or other banks in the country will lose access to the U.S. financial system. He has released a list of 12 demands that Iran must meet if it wants the sanctions lifted.
"We ask that it to modify its behaviour, and the Secretary (of State) has been clear frequently on what we expect from the regime and human rights are certainly an important aspect of that", he said.
While European powers believe the deal has been successful and have sought to preserve trade with Iran, most major companies have chosen to exit the country rather than incur the wrath of United States authorities. "There is much more that it's going to need to do", he said. "On Monday, in front of us, all of the sanctions that had been relieved by the Obama administration will return".
Iran said it does not fear the impending USA sanctions that are set to go into effect next week.
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Pompeo and Mnuchin both said the sanctions will have exceptions for humanitarian purchases.
Beyond Iran sanctions, oil output has been rising significantly in the past two months.
Iran has accused Mr Trump of waging "psychological warfare".
"They know the President's words, which are that if you choose to do business with Iran, that is your choice, but if you do you won't do business with America as well".
"If you cross us, our allies or our partners, if you harm our citizens, if you continue to lie, cheat and deceive, there will be hell to pay". "So I'm very confident these sanctions will have their intended effect", said the top American diplomat.
The US has agreed to give sanction waivers to eight countries - including India, Japan, and South Korea - to keep buying oil from Iran after it reimposes sanctions on Tehran on 5 November, Bloombergreported quoting a senior official.
The Schork Report Publisher Stephen Schork on the outlook for oil.
Iran's oil flows to India were 600,000 bpd in September and are estimated at around 500,000 bpd in October, Platts oil flow data suggests. Currently, Iran provides its tankers as well as insurance for oil cargoes to India. These channels would get blocked from November. Iran could mix its oil with crude from neighboring Iraq, sell on the black market or try a barter system supported by the Europeans.
Katie, from Leicester, said: "It's absolutely great and it means I have more money to spend on the family and the children". The one-off capital payment would average £10,000 per primary school and £50,000 per secondary school, he said.
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