Iran warn of ‘CONSEQUENCES’ as USA announces ban on oil exports

Elias Hubbard
August 9, 2018

The comments from Beijing and Berlin signaled growing anger from partners of the United States, which reimposed strict sanctions against Iran on Tuesday, over its threat to penalize businesses from third countries that continue to operate there.

North Korea is under USA and United Nations sanctions over its nuclear weapons programme.

The North Korean foreign minister on Wednesday was quoted as describing the new measures as "inappropriate and contrary to worldwide standards".

On Tuesday, the USA reinstated sanctions targeting the Iranian government's purchase of United States dollars, Iran's trade in gold and other precious metals, and its automotive sector.

'We still think that it is a mistake to give up on the nuclear accord with Iran, ' Maas said in an interview with the daily Passauer Neue Presse.

Trump tweeted on Tuesday: "These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level".

Iran's currency has been in steady decline since the start of the year as the country anxiously awaits the re-imposition of full U.S. sanctions, trading at record lows and losing almost two-thirds of its value against the dollar.

State energy firms CNPC and Sinopec have invested billions of dollars in key Iranian oil fields such as Yadavaran and North Azadegan and have been sending oil to China.

Turkey, however, said it would continue to buy natural gas from Iran.

The sanctions are part of a steadily increasing pressure campaign implemented after Trump in May chose to withdraw the United States from the Obama-era Iran nuclear accord that sought to limit Tehran's nuclear program in exchange for sanctions relief.

European countries have also vowed to protect the nuclear deal by continuing to trade with Iran.

Despite opposing claims from the U.S. and Israel, researchers from the International Atomic Energy Agency (IAEA) maintain that Iran continues to abide by its commitment in the deal.

President Donald Trump on Tuesday warned that firms doing business with Iran would be blocked from the USA market as new sanctions hit the country despite appeals from Washington's allies.

Trump's National Security Adviser John Bolton told Fox News that the U.S. policy "is not regime change, but we definitely want to put maximum pressure on the government".

Meanwhile, Italian Foreign Minister Moavero Milanesi said that "agreements have to be respected".

"Anyone doing business with Iran will NOT be doing business with the United States".

North Korea's foreign minister Ri Yong Ho on Wednesday met with the Iranian President in Tehran on the second day of an ongoing trip to the country, Iranian state news outlets reported, with Rouhani stressing the DPRK should not place excessive trust in American commitments.

"They fear the application of overwhelming American power, and as long as the overwhelming power is credible, they will be cautious in how they'll escalate", he said.

Other reports by Click Lancashire

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