Friday, 22 March, 2019


China vows to safeguard Iranian nuclear deal

A briefcase filled with Iranian rial banknotes sits on display at a currency exchange market on Ferdowsi street in Tehran Iran on Saturday Jan. 6 2018. A wave of bad loans from unregulated lenders has rocked the banking sector and oil prices have aver Have Shame Khamenei’ Hundreds of Iranians Protest Currency Slump in Isfahan Ali Mohammadi Bloomberg via Getty Images 1 Aug 2018
Conrad Doyle | 05 August, 2018, 18:26

There have been several demonstrations in Iranian cities in recent days over economic conditions and public buildings have been damaged.

But the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long opposed his outreach to the West and are keen to leverage anger over corruption to unseat him.

In June, the USA state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4. "The judiciary should find these people and arrest them", the cleric says, to chants of "Allahu akbar" ("God is greater") from the crowd.

US President Donald Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran.

In order to pass through tough times ahead the returning United States sanctions, we need to promote our cooperation with global power like China, Russia, and the EU, Akhoundi said on August 5, IRNA news agency reported.

Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

In May, Trump controversially pulled America out of the nuclear deal Obama agreed with Iran in 2015.

China has rejected US requests to cut Iranian oil imports, damaging Washington's efforts to isolate Tehran.

On 7 August, Washington will reimpose sanctions on Iran's purchase of United States dollars, its trade in gold and precious metals and its dealings with metals, coal and industrial-related software.

Their arrival means Iran Air has received 13 of the 20 it ordered from the French-Italian manufacturer in April 2017.

Although smaller foreign firms have vowed to work around the USA measures, multinationals such as France's Total and Peugeot, and Germany's Siemens have already said they will have to pull out.

Last week, Hindustan Petroleum was said to have cancelled a crude oil shipment from Iran after its insurer refused to provide coverage for the cargo on concern about US sanctions.

Saudi Arabia, Russia, Kuwait and the UAE have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned USA sanctions take effect later this year.

"There is a massive loss of confidence in the financial system and the government's ability to control things and withstand sanctions".

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