UAE blames Iran’s ‘aggressive policies’ for United States sanctions

Jeannie Matthews
November 4, 2018

Iranian protesters hold placards mocking US President Donald Trump, Saudi King Salman and Crown Prince Mohammed bin Salman outside the former US embassy in Tehran on Nov 4, 2018.

President Donald Trump withdrew from the deal in May, describing it as "defective at its core".

TankerTrackers says there are now six vessels, with a total of 11 million barrels of capacity, parked offshore as floating storage containers - freeing up port capacity and allowing for quick deliveries.

We expect Iran to continue implementing all its nuclear commitments in full, as set out by the JCPOA.

"In the next weeks all eyes will be on Iranian exports, whether there will be some cheating around United States sanctions, and on how quickly production will fall", said Riccardo Fabiani, an analyst for Energy Aspects. Trump's decision was welcomed by Washington's Sunni Muslim Gulf Arab allies, involved in proxy conflict with Shi'ite Iran for decades.

Turkey indicated that it was one of them and analysts believe that India, one of the world´s largest importers, is also on the list, which will be published on Monday.

Iranian state media claimed millions of people had turned out for rallies in most cities and towns around the country - a figure that has not yet been independently verified.

What remained in effect at that time was a general ban on US trade with Iran and sanctions on Iran's support for regional governments and armed factions. "America has been defeated by the Islamic Republic over the past 40 years". However, Washington has granted waivers to eight countries to keep buying Iranian oil after sanctions come into effect. Those that buy oil from Iran after the cutoff could be penalized, through fines or exclusion from the United States financial system.

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The US secretary of state, Mike Pompeo, said that eight "jurisdictions" would be granted temporary waivers after Monday's sanctions deadline, but only on the understanding that they would stop or drastically reduce oil imports in the coming weeks.

U.S. oil futures climbed to a four-year high near US$77 a barrel last month on growing concerns there could be a shortage as sanctions bite deeper.

Iran said it was not troubled over the re-imposition of US sanctions, which target not only its vital oil and gas sector but also shipping, ship-building and banking industries.

"The administration has indicated it will not support requests by foreign governments or companies for exemptions", the report said.

For now no other countries, including China, would be part of it although that could change over time.

Japan and South Korea temporarily stopped oil imports from Iran in September but Indian Oil and Mangalore Refinery and Petrochemicals continued purchases though the overall volume dropped slightly from around 10 million barrels in October to nine million barrels for November.

Donald Trump, since breaking that deal in May, has vowed to cut off Iranian oil revenue completely, and oil exporters and tankers will be among 700 companies, individuals, vessels and aircraft that will be added to a United States sanctions blacklist on Monday.

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