Published: Tue, November 06, 2018
World Media | By Cesar Oliver

USA sanctions on Iran, 'toughest ever,' take force Monday

USA sanctions on Iran, 'toughest ever,' take force Monday

The sanctions target Iran's energy, financial and shipping sectors and are aimed at crippling the country's economy following President Donald Trump's withdrawal from the 2015 nuclear deal.

Rouhani said the European Union has stood against the us violation of the nuclear agreement which is a "success of diplomacy" for Iran.

The sanctions aim to significantly cut Iran's oil exports - which have already fallen by around one million barrels a day since May - and cut it off from worldwide finance.

On Saturday, Iran's Supreme Leader Ayatollah Ali Khamenei denounced the reimposition of US sanctions, saying Trump had hurt USA standing in the world and that Iran would ultimately come out as the victor.

With reporting from the Associated Press.

"They need a little bit more time to get to zero", Pompeo explained.

Iranian state TV on Monday aired footage of anti-aircraft batteries and air defence systems carrying out drills in Iran's north.

The Trump administration has reimposed all sanctions previously put on hold under the Obama-era Iran Nuclear Deal.

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the USA sanctions will be dissuasive.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 35 cents, or 0.6 percent, at $62.79 a barrel.

China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan occasionally buys Iranian crude.

Pompeo emphasized how increased USA sanctions on Iran leading up to today's announcement had ensured "that Iran is not able to increase its revenue from oil as its exports plummet", while keeping prices stable for the American consumer.

Further sanctions will also affect the Iranian banking sector, adding to strict rules imposed on the trade of gold, metals and vehicle parts.

Thousands of Iranians rallied in Tehran on Sunday to mark the 39th anniversary of the U.S. Embassy takeover, as Washington restored all sanctions lifted under the nuclear deal.

The United States vowed on Monday to be "relentless" in countering Iran as sweeping sanctions took effect, but the Islamic republic defiantly promised to stand up to the "bullying" by Washington. Iran denies the allegations.

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.

"And we haven't even started with Israel".

Bolton on Monday said the latest sanctions were only the beginning.

"This is an economic war against Iran but".

"We are at an economic war situation".

"We have made a decision to issue temporary allotments to a handful countries responsive to the specific circumstances and to ensure a well supplied oil market", Pompeo said.

The move is part of a wider effort by Trump to force Iran to further limit its nuclear work and halt a missile programme, as well as end its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

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