Published: Wed, November 07, 2018
Finance | By Cynthia Curry

Iran urges United Nations to hold U.S. to account over sanctions

Iran urges United Nations to hold U.S. to account over sanctions

Addressing a presser here, Pompeo cited Denmark's intelligence uncovering an Iranian assignation plot as proof for the need to impose the sanctions and warned Iran to "either do a 180-degree turn from its outlaw course of action and act like a normal country, or it can see its economy crumble".

The country denounced it as an economic war in which the U.S. attempted to curb Tehran's missile and nuclear programmes and weaken its influence in the Middle East.

Trump has said the deal, which he unilaterally withdrew from in May, is "defective at its core" and will not prevent Iran from developing a nuclear bomb. In exchange for lifting sanctions on Iran, Tehran agreed to reduce its nuclear program as part of the accord.

"The maximum pressure exerted by the United States is only going to mount from here", U.S. Treasury Secretary Steven Mnuchin said in a statement. However, news of the waivers last week sent prices lower as top buyers would continue to import Iranian oil.

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.

Iran will break the sanctions imposed by Washington on Tehran in the "appropriate" way, Rouhani said shortly after a fresh round of anti-Iran sanctions by the United States took effect on Monday.

Data from analysis firm Kayrros showed Iranian crude production was broadly unchanged in October from September, with barrels still hitting the market alongside additional production from Saudi Arabia and Russian Federation.

The sanctions target Iran's vital oil industry, although major customers such as China and India were given temporary exemptions.

The list includes 50 Iranian banks, 200 individuals and shipping vessels tied to Iran's shipping and energy sector, as well as the national airline, Iran Air, and more than 65 of its aircraft.

While Iran's crude exports could fall to little more than 1 million barrels per day (bpd) in November, traders and analysts say that figure could rise again from December as importers use their waivers to order crude from Iran.

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Each of those countries has reduced their oil purchases from Iran and two have completely stopped importing Iranian oil until the sanctions are not lifted, Pompeo said.

Iran's health sector is concerned about the impact of the sanctions, for example lives will be at risk when the country's supply of medicine runs out due to the sanctions.

"The enemy is targeting our economy ... the main target of sanctions is our people", he said.

"Iranian exports show a decline of more than 1 million barrels per day (bpd) as of October from May", said Edward Bell of Emirates NBD bank.

Iran would consider new diplomacy if there were "foundations for a fruitful dialogue" on the Iranian nuclear deal, Zarif was quoted as saying.

The administration also granted eight countries a six-month exemption from penalties for buying Iranian crude.

"At the current level, Iran is providing about 2.7 million barrels of oil per day to the global community".

The US has granted exceptions to eight countries including big consumers like India and China, which means Iranian oil will keep flowing.

But they were opposed by other signatories to the 2015 nuclear deal - Britain, France, Russia, China, Germany and the EU.

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