Trump restores Iran sanctions lifted under Obama nuclear deal

Will Iran’s oil exports fall to zero

Will Iran’s oil exports fall to zero

The U.S. move, which was described by a congressional source and by another source familiar with the matter, were confirming a report by Bloomberg that Washington would allow the eight to keep buying Iranian oil after it re-imposes sanctions on Tehran on Monday. In May, S&P Global Platts reported, US exports of crude to India averaged 152,000 bpd, up from 29,000 bpd for January to April, and this jumped further to 261,000 bpd in June.

Washington also made clear to the Brussels-based SWIFT financial messaging service that it was expected to disconnect all Iranian financial institutions that the United States plans to blacklist as of November 5, according to U.S. Treasury Secretary Steven Mnuchin. He declined to name the targeted institutions.

The statement comes in a response to an image posted earlier on the President's Twitter, which depicts Trump standing with the words "Sanctions are Coming".

The tweet came after the President's administration announced that sanctions that were lifted on Iran as part of the Obama-era nuclear deal would be reimposed in full. The sanctions target critical sectors of Iran's economy, including its financial, energy, shipping, and shipbuilding industries.

"This part of the campaign is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world, Pompeo said".

The waivers will be valid for six months, during which time the importing country can buy Iranian oil but must deposit Iran's revenue in an escrow account.

"Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country", Pompeo told reporters in a conference call with Treasury Secretary Steven Mnuchin.

"America will not be able to carry out any measure against our great and fearless nation".

Brian Hook, the US special representative for Iran, also said Saudi Arabia had been "very helpful" in bolstering oil supplies while the United States moved to reimpose sanctions.

With limited exceptions, the reimposed U.S. sanctions will hit Iran as well as countries that do not stop importing Iranian oil and foreign firms that do business with blacklisted Iranian entities, including its central bank, a number of private financial institutions, and state-run port and shipping firms, as well as hundreds of individual Iranian officials.

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