Monday, 20 May, 2019


‘Watch what we do’, United States tells Iran crude buyers India and China

Oil markets look for alternatives as US sanction on Iran hit ‘Watch what we do’, United States tells Iran crude buyers India and China
Bennie Garza | 05 November, 2018, 13:56

On Friday, the USA said it would add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut off Tehran as Washington applies "maximum pressure" to cripple the country's economy.

But Mr Rouhani struck a defiant tone, saying that Iran would "continue selling oil".

The rallies coincided with the siege of the U.S. embassy on November 4, 1979, which took place soon after the fall of the US-backed shah. The students soon took over the entire, leafy compound.

"Unlike in prior administrations, we will ensure that the money is not spent on illicit activities, that there isn't any leakage in these escrow accounts, and we will work closely with countries to encourage the sale and purchase of humanitarian goods to benefit the Iranian people". Some waved massive inflatable ballistic missiles.

General Mohammad Ali Jafari, the commander-in-chief of Iran's paramilitary Revolutionary Guard, gave a speech vowing that Iran "can overcome this economic war and failure of the sanctions project is imminent".

The countries will deposit Iran's revenue in an escrow account, USA officials have said.

The move will restore US sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and add 300 new designations in Iran's oil, shipping, insurance and banking sectors. The effect of the initial sanctions is already being felt -the rial has plummeted, Iran's economy is depressed and the results are evident.

The economic chaos sparked mass anti-government protests at the end of previous year that resulted in almost 5,000 reported arrests and at least 25 people being killed. Sporadic demonstrations still continue.

On Saturday night, Israeli Prime Minister Benjamin Netanyahu in a statement thanked U.S. President Donald Trump for reimposing the sanctions. WTI barrels are now testing the 62.60 region, playing to the downside in early trading after the US' Friday announcement of Iran sanction oil-buying waivers. "Over this 180-day wind-down period, what we have seen is firms and financial institutions have reacted very quickly; likely they had plans on the shelf as there was a snap-back scenario".

Well, Chris, the sanctions that will be reimposed tomorrow are the toughest sanctions ever put in place on the Islamic Republic of Iran.

Kenneth Katzman, a senior Iran analyst at Congressional Research Service which conducts research for the US Congress, however confirmed that the logic behind the sanctions is an "outright regime change".

The font is the same as that used in hit TV show Game of Thrones and the wording is a riff on one of the famous lines from the series, "Winter is coming".

"I will stand against you", Soleimani said on Instagram, posting a similarly themed photo and repeating remarks made in July.

"We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran", Mr. Novak said in an interview with the Financial Times. "Anyone who thinks that way is really a fool".

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