Iran sanctions ‘most biting’ in history

Iran sanctions ‘most biting’ in history

Looming US sanctions against Iran will likely hit Tehran's oil sales overseas, and it could lead to a price spike in oil contracts.

The US has re-imposed tough, unilateral sanctions against Iran, bringing back into effect harsh penalties that had been lifted under a historic, multi-party nuclear agreement that US President Donald Trump abandoned in May.

Mr. Erdan, who also heads the Strategic Affairs Ministry, praised the USA for reimposing punitive sanctions on Iran that brought back into effect the harsh penalties lifted under the Iran nuclear deal.

Oil was trading at $74 per barrel of Brent benchmark, while the US West Texas Intermediate stood at $69.77 on Monday.

U.S. secretary of state Mike Pompeo said sanctions are an important pillar in American policy toward Iran and will remain in place until the Iranian government radically changes course.

Asked about any possible exemptions to the renewed sanctions, officials said they would examine any requests on a case-by-case basis.

The sanctions, which take effect at midnight on Monday in Washington, bar transactions with Iran in United States currency, gold, precious metals, graphite, coal and semi-finished metals, as well as large sales of Iranian rials, issuing Iranian debt and auto sanctions.

Meanwhile, other major producers are ramping up their output.

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US Secretary of State Mike Pompeo said sanctions are an important pillar in US policy toward Iran and will remain in place until the Iranian government radically changes course.

"The E.U.is morally bankrupt, and we need to remember that next time they try to lecture us", Mr. Erdan told Israel Radio.

He added that "as far as I can see" Iran would not surrender. The International Atomic Energy Agency, which is monitoring the implementation of the deal, has said in 11 consecutive reports that Iran is in compliance and that the agreement has allowed for greater verification of Iran's nuclear activities.

"No Iranian politician can risk negotiating with the president who trashed the outcome of 12 years of negotiations over the nuclear issue and can't come to any lasting agreement with his own party and US's traditional allies", he said.

Iranian President Hassan Rouhani says he's willing to talk to the U.S.

But the European Commission has implemented a previously unused regulation that seeks to cancel the effect of the USA policy on European companies doing "legitimate business" with Iran.

Many hope and believe that Iran's leaders will need to "drink the poison cup" and negotiate with the United States eventually.

Prime Minister Benjamin Netanyahu said the sanctions symbolize "the determination to block Iran's regional aggression as well as its continuous plans to arm itself with nuclear weapons". The new rules mean exchange bureaus will reopen after a disastrous attempt to fix the value of the rial in April backfired spectacularly with corrupt traders making a fortune out of a mushrooming black market.

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