Published: Mon, November 05, 2018
Finance | By Cynthia Curry

USA drops the sanctions hammer on Iran ... again

USA drops the sanctions hammer on Iran ... again

HBO issued a warning to Trump after the USA president tweeted an image of himself looking off-camera while striding forward on top of a moody grey background, with the words "Sanctions are coming. But America's plots and its plans for sanctions will be defeated through continued resistance", said Jafari.

"[Ms]. Mogherini and the European ministers once again reiterated their commitment to the 2015 Iran nuclear deal and emphasized the efforts to maintain financial channels with Tehran and the continuation of Iran's oil and gas exports", according to reports by Iranian state-run news outlet IRNA. But there are doubts how successful this will be. "Alternatively, we have asked other Opec countries to help us get our requirement of crude at better terms".

United States president Donald Trump has said that the USA sanctions will hit Iran in a "big way" from 5 November, asserting that the "toughest-ever" punitive measures have been put in place for a "corrupt regime" in Tehran.

"I think, sorry to say... your president is a megalomaniac", proclaimed one demonstrator. "[Iran] wanted to take over the whole Middle East".

What could the impact be?

Switzerland said on Monday it is holding talks with the United States and Iran about launching a payment channel to help ensure that food and drugs keep flowing to the Islamic Republic.

More than 700 individuals, entities, vessels and aircraft are now on the sanctions list, including major banks, oil exporters and shipping companies. "Moreover, the U.S. attempt to cut off Iran from the global financial system, SWIFT, might also spur the Europeans and others, who are against the USA withdrawal, to find a different financial system to circumvent the dollar exchange", he said. They are the strongest sanctions we've ever imposed.

According to Jim Ritterbusch, president of Ritterbusch & Associates, trade wars are also playing their part in deflating energies demand: "The magnitude of recent selling is strongly suggesting that global oil demand is weaker than expected as a result of tariff issues, especially between the USA and China". Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions.

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"We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran", Mr. Novak said in an interview with the Financial Times.

Hours before the fresh sanctions went ahead, thousands of people in Iran marked the anniversary of the 1979 hostage-taking at the United States embassy by carrying placards mocking Trump and burning American flags and fake dollars.

What has the reaction been in Iran?

But on the fringes of the crowd, chants of "Death to America" were lackluster, and the protesters appeared simply to be going through the motions.

The rally also took place on the 39th anniversary of the U.S. embassy taking over Tehran.

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

Hardliners hold protests to commemorate the siege every year but on Sunday, protesters also vented their fury about the sanctions.

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