Netanyahu thanks Trump before Iran new sanctions come into effect

Geraldine Edwards
November 4, 2018

"Our objective is to force the regime into a clear choice: either abandon its destructive behaviour or continue down the path toward economic disaster".

The United States will also add 700 individuals and entities to its Iran blacklist and pressure the global SWIFT banking network to cut off Tehran when the sanctions are put back in place next week, USA officials said.

Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors.

The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it reimposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities.

"In May, Trump pulled the U.S. out of the 2015 landmark Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".

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Will there be enough oil for the world?

Iranian students rally outside the former United States embassy in Tehran, Nov. 4, 2018. This was a major impediment for India as it is heavily dependent on Iranian oil.

The renewed sanctions are designed "to paralyse (Iran's) economy and keep it backward". It has announced plans for a legal framework through which firms can skirt U.S. sanctions, although few major corporations have been eager to risk the wrath of penalties in the world's largest economy.

Quoting a senior USA administration official, Bloomberg News reported that the eight parties include Japan, India and South Korea. If the Trump Administration did not give Taiwan a waiver, that system would be threatened, the Central News Agency reported. Back then they were sliced in half to 1 million barrels a day, according to the IEA, which advises industrialised countries on energy policy.

Tehran sold oil to private buyers through its energy exchange for the first time on October 28, as part of efforts to counter the imminent return of sanctions.

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As noted, India's oil imports will be reduced, but will still rank up more than a million barrels per month. "Things are tightening up". The region's intake of Iranian crude has nonetheless wilted.

In order to allow companies to trade with Iran and not face stiff USA penalties, the European Union plans to implement a payment mechanism - a Special Purpose Vehicle (SPV) - that will enable these companies to avoid the U.S. financial system.

Eight countries will not be penalized by the United States for continuing to import Iranian oil, and those revenues will help Iran, although not by enough to allow Tehran to continue financing regional conflicts. The move, which is conveniently set to take place one day before midterm elections, is the Trump administration's latest affront to Tehran after leaving the Iran nuclear deal in May. Under U.S. law, exceptions can be granted for up to 180 days.

Though the implementation of USA oil sanctions against Iran on Sunday will hurt, an expert on Iran's economy told The Jerusalem Post that they will be insufficient to compel it to accept a new tougher nuclear deal.

The sanctions will penalise countries that do not end importing Iranian oil and foreign companies that do business with blacklisted Iranian firms.

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The Trump administration has looked to other Middle Eastern producers, most notably Saudi Arabia, to increase production. Others such as Russian Federation, the United Arab Emirates and Iraq could potentially squeeze out a little more as well. "Reducing is bigger than we would have predicted", said Peter Harrell, a former senior state department official involved with sanctions and now a senior fellow at the Center for a New American Security thinktank.

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