US Reimposes All Iran Sanctions Lifted Under Nuclear Deal

However, a source close to the project say executives at Zarubezhneft have scrapped the deal ahead as further United States sanctions are about to come into force against Iran, according to Reuters. It's the second batch of penalties that the administration has reimposed since President Donald Trump withdrew from the landmark deal in May.

Secretary of State Mike Pompeo and Treasury Secretary Stephen Mnuchin made the announcement Friday.

Turkish Energy Minister Fatih Donmez said Turkey had been told it would be granted a waiver.

India will buy 9 million barrels, or about 1.3 million tonnes, of Iranian oil in November, two industry sources told Reuters, indicating the world's third-biggest oil importer will continue purchasing crude from the Islamic Republic. Under U.S. law, exceptions can be granted for up to 180 days. He declined to name the targeted institutions.

The Trump administration is announcing the reimposition of all USA sanctions on Iran that had been lifted under the 2015 nuclear deal.

"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". "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlier activities and behave as a normal country".

Secretary of State Mike Pompeo has confirmed earlier reports that eight nations will receive exemptions from the re-imposed penalties, but refused to name them and said the European Union was not among them.

Major refiner Indian Oil said on Friday the U.S. might allow the country to keep buying oil from sanctions-hit Iran as removing Iranian supplies from the market would impact global crude prices.

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

The US government has agreed to let eight countries, including South Korea, Japan and India, keep buying Iranian oil after it reimposes sanctions on Tehran, news agency Bloomberg cited a US official as saying.

The United States believes global oil supplies will exceed demand next year, making it easier for countries to cut Iranian oil imports to zero, a senior US official told reporters.

The United States is able to pressure other nations to stop buying Iranian oil under a 2012 law that allows the president to cut off foreign banks, including central banks, from the us financial system unless they significantly reduce purchases.

  • David Armstrong