Iran sanctions: Economic uncertainty hits hard

Friday, 10 Aug, 2018

Zarif told the state-owned IRAN daily, however, there are now no ongoing talks between the countries.

However, most of the other countries that signed the nuclear deal -including many in Europe-continue to support it. But he said the USA and allies routinely train for that possibility and are prepared to insure that freedom of navigation and commerce continues in those waters. "And it's a good way to show their capacity to inflict economic cost against the United States". This is increasing the pressure on European companies to comply with Washington's no-trade-with-Iran order.

"I'd certainly suggest that we have capabilities as well", the general said.

He doubled down on that sentiment Wednesday saying that before U.S. sanctions "nobody supported Iran".

Mogherini added that the EU's member states were doing all they could to save the nuclear deal with Iran, but admitted Trump's new Iran policy could still wreck the JCPOA.

Iran's geographical proximity to India, coupled with India's growing demand for petroleum, made an oil trading partnership between the two nearly inevitable.

Despite the political will to hold firm, many large European firms such as German automaker Daimler are leaving Iran for fear of U.S. penalties.

The energy cooperation between Tehran and Delhi has not been limited to oil and gas trading, however.

Crucially, the commission also said it "forbids European Union persons from complying with those sanctions, unless exceptionally authorised to do so".

"For whatever reason they're doing that, I hope that continues", Votel said.

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Iranian lawmakers Wednesday voted to sack President Hassan Rouhani's labor minister, a victory for hard-liners opposed to the relative moderate amid a worsening economic crisis.

Rouhani claimed President Trump's exit from the nuclear deal revealed what he calls "America's lack of commitment to worldwide obligations". While it has slapped new sanctions on some Iranian affiliates, the administration has yet to curb Tehran's ballistic missile program or make visible progress in reducing its proxy activity. "Yesterday's US decision should make that abundantly clear". It was led by Marshall Billingslea, the department's assistant secretary for anti-terrorism financing.

North Korea for its part denounced the United States for its "outdated acting script" in pressuring the North with continued sanctions, but said it was still prepared to meet its obligations after a historic North Korea-U.S. summit in Singapore in June.

The two visits are already yielding results for Washington. Iranian vessels reportedly harassed the carrier as it made the transit, but did not delay the ship's passage.

As the US move also puts Turkey in a tight situation, the Turkish foreign ministry said authorities are working to avoid the USA sanctions from harming Turkey.

In addition, news surfaced that Indian conglomerate Reliance Industries , which owns the largest refining complex in the world, also planned to halt Iranian oil imports.

Vladimir Yermakov, Director General of the Department for Nonproliferation and Arms Control at Russia's Foreign Ministry, had said in early May that with the USA exit "it might even be easier for us on the economic front, because we won't have any limits on economic cooperation with Iran".

He said he considered the USA pullout from the nuclear deal and re-imposition of sanctions to be "incorrect". The two sides used Turkey's Halk Bank as an intermediary in their trading.

He urged the German government to provide details on how it would protect German firms after the latest USA sanctions against Iran, adding that if Berlin did not do that, German firms would gradually cease doing business there.