Pompeo And Mnuchin Reimpose Iran Sanctions Lifted Under 2015 Nuke Deal

A woman walks past a currency exchange shop in the Iranian capital Tehran's grand bazar

"Trump is showing his disdain for the Iranian people through these sanctions", Trita Parsi, founder of the National Iranian American Council, a nonprofit organization in Washington that advocated in support of the nuclear deal.

Bolton said the administration understands that a number of countries, some close geographically to Iran which he visited last week, and others "may not be able to go all the way, all the way to zero immediately". "Iranian hospitals are already starting to report medical shortages as a result of financial sanctions that make banks reluctant to handle Iranian transactions".

India would continue to buy Iranian oil in the current fiscal year to March but to secure the waiver may agree to further cut purchases, the source said.

According to an Economic Times report, the United States has broadly agreed to grant India a waiver from Iran sanctions, which would allow Indian oil companies to continue to import about 1.25 million tonnes of oil a month till March from Tehran.

However, analysts said any potential Iranian oil sanction waivers would likely only be temporary.

State-run Indian refiner Hindustan Petroleum said it may resume buying Iranian oil if India secures a waiver from USA sanctions, its chairman MK Surana said on Thursday (November 1).

Iranians shop in the capital Tehran’s grand bazar
Iranians shop in the capital Tehran’s grand bazar

"In May, US President Donald Trump pulled the US out of the 2015 landmark nuclear the Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous". These sanctions are a pressure tactic to constrain Iran's nuclear programme.

One unresolved issue is whether the United States will press to disconnect Iranian banks from SWIFT, the worldwide system of interbank transfers headed in Belgium. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.

"It's a virtual certainty that Western banks are not going to violate the escrow restrictions", said Mark Dubowitz, the chief executive of the Washington-based Foundation for Defense of Democracies who has advised Pompeo.

Earlier, Secretary of State Mike Pompeo said that the punitive Iranian sanctions would return on Monday, November 5.

"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". Under Obama, those cuts, measured every six months, amounted to about 18 percent, but the Trump administration has set a much higher bar for waivers.

Iran said on Friday the report on waivers showed that the market needed the country's crude. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of total needs.

RBI governor may resign, reports say; rupee down
Urjit Patel may consider resigning given a breakdown in relations with the government, sources said on Wednesday. He added, "We did not invoke Section 7 in 1991 or 1997 or 2008 or 2013".

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