Thursday, 16 August, 2018

US says oil buyers may get Iran sanctions waivers

Abbas Araghchi Mike Pompeo rejects EU appeal for exemptions in sanctions against Iran
Ellis Copeland | 21 July, 2018, 15:25

While the United States is reimposing sanctions on Iran following Trump's decision in May to withdraw from Iran's nuclear deal with world powers, Germany, France, and Britain didn't withdraw from the 2015 accord and have told Tehran that they will seek to counteract USA sanctions and maintain the global sanctions relief that the deal granted in exchange for curbs on Iran's nuclear activities. "There will be a handful of countries that come to the United States and ask for relief?.?.?.?We'll consider it", he told Sky News Arabia during a visit to Abu Dhabi.

But President Trump has hinted that it wants "a new deal with Iran that would cover the Islamic Republic's regional military activities and ballistic missile program".

To make up for losses suffered as a result of the USA sanctions, Iran is looking at other countries as potential export partners, including a deal that could potentially be worth $50bn with Russian Federation. Also, the Trump administration is considering options on releasing oil from the strategic petroleum reserve, which, again, would seek to offset supplies from disrupted locations around the world.

Russian Federation to discuss investing in Iran's oil industry.

It has also sought US waivers from sanctions for big European businesses.

Today, finance ministers of the G20 will convene in Buenos Aires for a three-day conference.

Iran responded to those remarks by saying it would not be Iran that would call the USA, but Trump would call Iran.

"We've said very specifically, there's no blanket waivers, there's no grandfathering", Mnuchin said. "The State Department has the ability to issue waivers around significant reductions in the oil markets, that's something that Treasury and State will be doing". "That's something that Treasury and State will be doing", he said.

Last week, Trump said that with the U.S. increasing sanctions on Iran, "at a certain point they're going to call me and say 'let's make a deal, ' and we'll make a deal".

Paris had singled out Key areas where it expected either exemptions or extended wind-down periods for French companies, including energy, banking, pharmaceuticals and automotive.

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"New Delhi has been apprised of the USA thinking on the sanctions on Iran". "I'm very confident they understand".

Iran has filed a complaint with the International Court of Justice (ICJ) against the United States for reimposing sanctions, said the foreign ministry as quoted by AFP.

"Today, Iran filed a complaint to the worldwide court of justice to prosecute the United States for illegal re-introduction of unilateral sanctions".

In the biggest blow yet to EU efforts, U.S. Secretary of State Mike Pompeo wrote to EU foreign policy chief Federica Mogherini this month rejecting a request for carve-outs for European companies, although she played down its importance on Monday and said that EU work would continue. "It's imperative to counter its habit of violating int'l law", the tweet read.

The court could not be reached for comment.

A delegation from the USA is arriving in Delhi on Tuesday as part of the Trump administration's efforts to engage with major powers on the Iranian issue.

Since Trump pulled Washington out of the nuclear deal, European countries have been scrambling to ensure that Iran gets enough economic benefits to persuade it to stay in the deal.

The likely return of United States economic sanctions has triggered a rapid fall of Iran's currency and protests by bazaar traders usually loyal to the Islamist rulers.

Lalit Mansingh said India would not have any problem in replacing supply from Iran with shipments from other countries as such Saudi Arabia, Russia and the like.

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