Russian Special Envoy Arrives in Iran as U.S. Implements Sanctions

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

Washington in May withdrew from a 2015 nuclear deal signed between world powers and Iran under which worldwide sanctions against Iran were lifted in return for curbs on its nuclear program.

"This is an economic war against Iran but".

"Iran will be very reluctant to return to negotiations because Tehran believes it already signed an agreement, but the USA broke it", noted White, who once served as deputy director of the Middle East Intelligence Office of the State Department. The Obama administration had lifted sanctions on entities dealing with those sectors as part of the 2015 nuclear deal, which exchanged sanctions relief for a rollback in Iran's nuclear program.

The U.S.is moving to hit Iran economically with what U.S. Treasury Secretary Steven Mnuchin calls a "maximum pressure" campaign against the country's energy and banking sectors.

"Within six months to a year, you will see the consequences in form of spiking oil prices", said Talmiz Ahmad, a former secretary for global cooperation in the Ministry of Petroleum and Natural Gas and, formerly, also India's envoy to Saudi Arabia.

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Last weekend, Iran's supreme leader Ayatollah Ali Khamenei, said: "The US's goal in imposing sanctions is to paralyse and prevent the growth of national economy; but it resulted in a movement towards self-sufficiency in Iran".

"America wanted to cut to zero Iran's oil sales. but we will continue to sell our oil.to break sanctions", Rouhani told economists, adding the sanctions were illegal and unfair.Oil prices rose as the sanctions went into effect, with worldwide benchmark Brent crude up by more than $1 to a session high of $73.92 a barrel.

South Korean Trade Minister Kim Hyun-chong says the waiver "opens breathing room" for South Korea's oil refining industry and companies that export to Iran.

"More than 20 importing nations have zeroed out their imports of crude oil already, taking more than 1 million barrels crude per day off the market", US Secretary of State Mike Pompeo told reporters in a briefing.

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy. 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.

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House Democratic Whip Steny H Hoyer said, "Rather than achieving its stated goal of eliminating Iran's oil exports altogether, the administration has issued "exemptions" for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale". "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

Iran and the P5+1, the United Nations Security Council's five permanent members -the U.S., the UK, France, Russia, and China - plus Germany, reached the Iran nuclear deal in July 2015.

The European Union, France, Germany and Britain said they regretted the US decision and would seek to protect European companies doing legitimate business with Tehran.

Japan said it was in close communication with the United States.

This story has been sourced from a third party syndicated feed, agencies.

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