South Korea gets USA exemption on Iran crude oil imports

Randal Sanchez
November 5, 2018

Washington has indicated that it will increase its pressure on Iran gradually rather than forcing an immediate crisis as President Trump's renewed oil and financial sanctions take effect tomorrow.

Iranian Foreign Minister Mohammed Javad Zarif spoke by telephone with the European Union's foreign policy chief, Federica Mogherini, and his counterparts from Germany, Sweden, and Denmark about pending European measures to counter the U.S. sanctions, Iranian state news agency IRNA reported.

Thousands of Iranians have staged a rally in Tehran marking the anniversary of the 1979 US Embassy takeover as Washington restores all sanctions lifted under the nuclear deal.

Iran will continue to export its oil and will break the sanctions reinstated by the USA on Monday, the nation's leader Hassan Rouhani said in a TV address, Reuters reports.

The Trump administration is also reimposing sanctions on the Iranian regime, effective today.

On Monday, November 5th, the new USA sanctions against Iran take effect.

Washington, however, had to go back on its pledge to zero Iran's oil exports, allowing eight top customers of the country to continue their purchases.

Wallace attempted to press Pompeo on the alleged Swift exemptions, to which the Secretary of State said: "The Iranian banks that engage in sanctionable behavior will be sanctioned by the Department of Treasury, period, full stop".

For example, the United States does not want to have India and South Korea move geopolitically closer to China, Russia and other competitors and away from its influence.

The move has raised tensions in the Middle East as America's maximalist approach to the Islamic Republic takes hold.

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During the rallies, the demonstrators chanted slogans against the US and Israel and condemned US President Donald Trump's aggressive policies and stances against the Islamic Republic. Al-Shateri said the expected increase in oil prices might offset Iran's loss of oil exports because of the USA sanctions. The incident made Iran an worldwide pariah and caused a diplomatic schism between the two countries that has remained to this day.

In an interview with the Fox News Sunday program on November 4, Pompeo said the nations receiving waivers "need a little bit more time to get to zero".

The US has been gradually re-imposing sanctions, but analysts say this latest round is by far the most significant.

These sanctions have already had an enormous impact.

Iran's economy has been hit hard, with the country's currency, the rial, plummeting in value, leading to some street protests in Iranian cities.

That was one of the most ridiculous deals ever made by any country, at any time: "the Iran nuclear deal", he said.

U.S. President Donald Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States. Similarly, Secretary Mnuchin said a list of banks subject to the new sanctions would also be provided on Monday.

"On Monday, November 5, the termination of US participation in the Iran nuclear deal will be complete".

He said: "We'll see what happens with Iran, but they're not doing very well, I can tell you".

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