Iranian President Hassan Rouhani says Iran to sell oil, defy United States sanctions

Iranians shop in Tehran

"It is our duty to keep some of the worries to ourselves", IRNA quoted Jahangiri as saying.

The United States on Monday restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action to stop what Washington called its "outlaw" policies - steps that Tehran called economic warfare and vowed to defy.

The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programmes, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon.

Labeled by Trump as the "toughest ever", the sanctions took force early in the day as part of US efforts to ramp up pressure on Tehran to "change its behavior."Washington says the terms of the nuclear accord, under which sanctions against Iran were lifted in exchange for curbs on the country's nuclear activities, were not strict enough to prevent Iran from developing nuclear weapons".

The former diplomat, Pinak Chakravarty, said Tuesday that India reduced its oil imports from Iran during an earlier round of sanctions.

Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.

Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

"More than 20 importing nations have zeroed out their imports of crude oil already, taking more than 1 million barrels of crude per day off the market", U.S. Secretary of State Mike Pompeo told reporters in a briefing. The Iranian regime to date since May has lost over $2.5 billion in oil revenue, he said.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", Rouhani told economists at a meeting broadcast live on state television. America should learn that it cannot use the language of force against Iran ...

Liverpool boss Jurgen Klopp reveals Mohamed Salah battling wrist injury
He broke up play judiciously, gaining possession 15 times without ever resorting to the rashness that makes for a weighty disciplinary record.

One of the sources said the United States had attached some strings to the import allowance, including counterparty disclosures and laying open settlement methods, which were being evaluated before placing new orders with Iran.

- The "largest-ever" US sanctions list targeting Iran drew mockery from Iranian officials on Tuesday for including mothballed Boeing 747s, a bank that closed years earlier and a sunken oil tanker that exploded off China months ago.

In May, Trump exited Iran's 2015 nuclear deal with six powers and Washington reimposed first round of sanctions on Iran in August. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

That has helped to take the sting out of the sanctions threat, which helped to lift global benchmark Brent crude futures to four-year highs of nearly US$87 a barrel in early October.

Ambassador Seyed M. Kazem Sajjadpour said in London on Tuesday that the United States has the "very simple naive" view that Iran will wilt under the pressure.

Brent prices are now about 15% lower than that peak and have barely budged over the last two sessions. The exemptions are usually created to last up to 180 days.

Japan says it is pleased to be temporarily spared from penalties as the USA resumes sanctions on Iran.

Iran is already in the grip of an economic crisis.

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