Iranian cleric threatens to DESTROY Saudi and Israel over sanctions

Iranian cleric threatens to DESTROY Saudi and Israel over sanctions

The Trump administration Monday named India among eight countries granted temporary exemption for buying Iranian oil as the U.S. imposed its toughest sanctions till date against Tehran.

The United States reimposed sanctions on Iran's oil industry and financial sector Monday, following through on President Donald Trump's pledge to roll back relief Iran received as part of the worldwide agreement to limit its nuclear program.

All the USA sanctions on Iran that had been removed under the 2015 Iranian nuclear deal were restored by the United States on Friday and came into force on Monday.

Iranian officials say they will be able to run the country even if oil exports drop by more than half their 2017 peak, to a million barrels a day.

Japan's trade minister, Hiroshige Seko, though, has already said on Tuesday that Japanese buyers of Iranian oil are expected to resume imports from the Islamic republic after the country was granted a waiver from US sanctions.

In a press conference with Secretary of State Michael Pompeo, Mnuchin said the sanctions are Treasury's "largest single-day action ever targeting Iran".

South Korea said on Monday it had been granted a waiver to continue at least temporarily importing condensate from Iran and running financial transactions with the Middle Eastern country.

Iran's vice president Eshaq Jahangiri said the Tehran government hopes to continue exporting oil despite the USA sanctions.

Hours after sanctions went into effect that ban most trade with Iran, the State Department said it was exempting projects set up through the 2015 nuclear deal negotiated under former president Barack Obama. In 2016, India imported 215 million tonnes of crude oil and at 13 per cent, Iran stood third among India's biggest oil suppliers, after Saudi Arabia and Iraq at 18 percent each.

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

He said: "The UK is trying to make sure that, for example, humanitarian goods can get through to Iran, things like medical supplies, pharmaceuticals".

"This is an economic war against Iran but".

The measures are the second batch the USA administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May despite objections from close allies in Europe.

The list includes 50 Iranian banks, 200 individuals and shipping vessels tied to Iran's shipping and energy sector, as well as the national airline, Iran Air, and more than 65 of its aircraft.

China was given a waiver to import about 360,000 bpd from Iran during the exemption period, sources told Reuters, while South Korea was given a daily quota of about 130,000 bpd, according to Platts. Oil is the country's top export.

Yesterday Iranian parliament's speaker, Ali Larijani, echoed Rouhani's remarks with a defiant message to the U.S. in which he insisted that Trump's reign will experience an inglorious end just like Saddam Hussain.

Iran said on Monday it would break the sanctions and continue to sell oil overseas.

Iranian President Hassan Rouhani said on Monday that Iran will sell its oil and break sanctions reimposed by the United States on its vital energy and banking sectors.

Prices rallied to near four-year highs in early October on expectations the imposition of sanctions would create a global supply shortage.

Iran denied its nuclear program was directed at producing nuclear weapons as it reached the 2015 agreement with the United States, Britain, China, France, Russia and Germany.

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