Iran Vows to Defy Reimposed U.S. Oil, Financial Sanctions

Khamenei Trump

It comes as Turkey criticised the USA renewal of sanctions on Iran's oil and shipping industries, saying it was unsafe to isolate Iran and unfair to punish its people, Anadolu news agency reported. Gholamali Khoshroo called on Antonio Gooteresh to uphold the rule of law.

The new sanctions particularly hurt Iran's vital oil industry, a crucial source of hard currency for its anemic economy. Mohammad Javad Zarif has, however, said Tehran will be open to talks with the USA if Washington changes its approach to the nuclear deal.

The measures are part of a wider effort by U.S. President Donald Trump to curb Tehran's missile and nuclear programmes and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.

"We do not believe any result can be reached with sanctions".

Washington has agreed to let eight countries keep buying Iranian oil.

The price pressure on oil has scared off financial traders.

Iranian President Hassan Rohani said in speech broadcast on state TV on Monday that Iran would break the sanctions and continue to sell its oil.

"These sanctions hit at the core areas of Iran's economy", he told reporters Friday.

They cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, national flag carrier Iran Air, and more than 65 of its aircraft, according to a US Treasury statement.

The new sanctions were lifted under the Obama administration's 2015 nuclear deal, which was also signed by the U.K., France, Germany, China, and Russian Federation.

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The U.S. Treasury Department imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels in the new sanctions.

After the first period, which ended in August, the U.S.

"Eight countries will receive sanctions waivers, however, including four of Iran's top oil consumers: India, China, South Korea and Japan", the Jerusalem Post acknowledges, referring to the new US restrictions.

Trump on Monday said he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking energy markets and causing global price spikes.

"When I look at the list, it's obviously very large economies that still in many ways depend on Iran oil imports and at this time don't have any strong alternatives", said Brian Katulis, a senior fellow at Center for American Progress, a liberal think tank. All of them lobbied heavily to be granted the six-month exemptions while promising to further reduce or end their imports and Secretary of State Mike Pompeo said the waivers were based on the specific circumstances of each and the need "to ensure a well-supplied oil market".

Pompeo said more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than 1 million barrels per day.

However, the Democratic Party leadership criticised Trump for giving exemptions to some of the major Iranian oil importers.

Iran is already in the grip of an economic crisis. "We are encouraged that these waivers will only be temporary and one-time", said United Against a Nuclear Iran, a prominent group that was harshly critical of the nuclear deal and the sanctions relief it brought.

Seoul was also granted an exemption to continue financial transactions with Iran's central bank, allowing South Korea to continue trading oil as well as nonsanctioned items with Iran, Seoul's Foreign Ministry said.

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