Iran says USA sanctions can not stop crude oil exports

A Saudi Arabian oil facility

A Saudi Arabian oil facility

"It can either do an 180-degree turn ... and act like a normal country, or it can see its economy crumble".

Earlier Monday, Israeli Defence Minister Avigdor Lieberman called the new sanctions a "critical" blow to Iran's actions in the region. 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.

"We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists", Mnuchin said in a statement.

"The U.S. designated a bank that was closed 6 years ago, and a ship that sank.in a widely televised saga", he wrote, ending the tweet with "(hashtag) USisIsolated".

Alamolhoda, an influential figure on the government's Assembly of Experts, told his followers that Iran would launch a missile attack against "all Persian Gulf countries" in the event its oil markets are curtailed.

"In October, we switched to [oil] imports from other countries".

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.

He spoke to a conference of economists, who he said were at the "forefront of the resistance" against the United States.

U.S. sanctions permit trade in humanitarian goods such as food and pharmaceuticals, but measures imposed on banks and trade restrictions could make such items more expensive.

Iran's normally moderate President Hassan Rouhani told a group of state employees on Sunday that it was time to Iran is facing a "war situation" under the new and renewed US sanctions, but as CBS News correspondent Elizabeth Palmer reported from Tehran on Monday, he is also vowing that Iran will continue to sell its oil overseas.

While Iran's crude exports could fall to little more than 1 million barrels per day (bpd) in November, traders and analysts say that figure could rise again from December as importers - including China, Japan and South Korea - use their waivers to order crude from Iran.

Senior Iranian officials have dismissed concerns about the impact to its economy.

Because sanctions on Iran had already been priced into oil markets, Jameel Ahmad, head of market research at futures brokerage FXTM said he would "instead focus more heavily on the global demand outlook because of the ongoing external uncertainties weighing down on economic prospects". He said he had discussed the list with other officials, with many saying it was "less than what we expected".

The measures are the second batch the United States administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May despite objections from close allies in Europe. Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave.

"Americans think their list is more effective if it is longer", Jahangiri said, according to the state-run IRNA news agency.

Asked if the United States had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do".

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