India expects big rise in Iran exports as sanctions return

India expects big rise in Iran exports as sanctions return

The oil and financial sanctions end all the economic benefits the USA granted to Tehran for its 2015 nuclear deal with world powers, even though Iran has been abiding by the accord that saw it limit its enrichment of uranium.

Secretary of State Mike Pompeo said on Friday, "Starting today, Iran will have zero oil revenue to spend on any of these things".

The Administration has granted waivers to eight countries that have reduced their oil purchases from Iran but not stopped them entirely.

Pompeo wouldn't say if India and China are receiving waivers, or if they'd delivered commitments to stop their buying.

Last year, Iran was the sixth-biggest oil exporter in the world. "Watch as we've already taken more crude oil off the market than any time in previous history", he told CBS's Face the Nation on Sunday.

It also covers an Iranian airline, Iran Air, and more than 65 of its aircraft.

In May, Trump officially withdrew the US from the 2015 nuclear deal, officially called the Joint Comprehensive Plan of Action (JCPOA), and ordered the new round of sanctions on Iran. "This is not about hurting the people of Iran, but we will not let money be diverted to humanitarian purposes and then put for terrorist activities".

National security adviser John Bolton on Monday said that sanctions have had an "enormous" effect on Iran's economy.

Fifty-two Americans were held captive for 444 days after Iranian students stormed the building, leading the United States to cut off all diplomatic relations.

China, India, South Korea, Italy, Greece, Japan and Taiwan are the other countries beside Turkey that received a six-month waiver on the U.S.'s resumed sanctions on Iran, Pompeo said November 5.

They could upset world oil markets, though the U.S. has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

European countries which are still party to the accord created to curb Iran's nuclear activity say they will help businesses bypass the sanctions.

The accord provided Iran with billions of dollars in relief from global sanctions in exchange for sweeping curbs on and inspections of its nuclear program. Iran denies the allegations.

Iranian students stormed the embassy shortly after the 1979 Islamic Revolution, taking 52 Americans hostage for 444 days.

State media said millions turned out for rallies in towns and cities, swearing allegiance to the clerical establishment and Supreme Leader Ayatollah Ali Khamenei. He said what he called "the terror regime" in Tehran must change its ways.

"Constantly they are sending us messages saying, 'Let's sit and negotiate.' Negotiations for what?" said Mr Rouhani.

"I have told world leaders that we will proudly break the USA sanctions this time", Rouhani stressed, adding "under UN Security Council Resolution 2231, all countries in the world are obliged to take a stance against the USA".

The sanctions end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord that saw it limit its enrichment of uranium.

An effigy of Uncle Sam and pictures of Donald Trump were also torched.

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