United States gives Iraqis an out on Iran sanctions

Iranians shop in Tehran

The US appears to have heeded Alamolhoda's warning as the sanctions, announced today by US secretary of state Mike Pompeo, fell short stopping oil exports from Iran entirely. "They are hoping the Trump administration is a one-term presidency and they can survive this out".

"We're going to have sanctions that even go beyond this".

Monday's actions designate 50 Iranian banks and their subsidiaries, more than 200 individuals and vessels in Iran's energy and shipping sector and an Iranian airline and its 65 aircraft. This is unsurprising, as the European Union strongly opposed USA withdrawal from the nuclear deal, and has always said it would continue trading with Iran.

"The JCPOA and the sanctions are not just about Iran but about a transformative process in the worldwide community whereby you have either global law, organisations, diplomacy, negotiations - or you have imposition, you have American policy versus the rest of the world", Sajjadpour said during in a talk at Chatham House think-tank.

Iran's President Hassan Rouhani earlier struck a defiant tone, saying the country will "continue selling oil".

Countries that have already cut their purchases to zero are now being granted waivers to buy Iranian oil.

"When I look at the list, it's obviously very large economies that still in many ways depend on Iran oil imports and at this time don't have any strong alternatives", said Brian Katulis, a senior fellow at Center for American Progress, a liberal think tank.

Unlike the sanctions that preceded the 2015 nuclear agreement, which were imposed by all world powers-including Russian Federation and China-this time the United States stands alone.

Iranian officials say the country is being targeted by a cyberattack.

Iran's exports peaked at 2.8 million barrels per day (BPD) in April, including 300,000 barrels per day of condensate, a lighter form of oil that when underground tends to exists as gas.

Thousands of protesters gathered in front of the former U.S. Embassy, burning American flags and chanting "Death to America!" "We are watching the Iranian regime with laser focus".

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However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

The move intensifies a campaign by Trump to force Iran to further limit its nuclear work and halt a missile program, as well as end its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

Experts and analysts say the United States strategy is doomed to failure, and will likely end in humiliation for the USA, while Iran will gain confidence and power.

When asked about his decision to give temporary exemptions to eight economies from the ban on Iranian oil imports, Trump said, "I'm not looking to be a great hero and bring it down to zero immediately".

Iran is already facing an economic crisis.

"In close coordination with our European partners, we are monitoring developments and examining options on how to protect the economic basis of this agreement and protect our companies", government spokesman Steffen Seibert said.

Countries that continue to import Iranian oil and do not have a USA waiver risk U.S. sanctions forbidding Americans from doing business with their companies and cutting off access to the United States financial system.

Support from Iran and Russian Federation has allowed the regime of dictator Bashar al-Assad to remain in power.

Oil markets have been preparing for the sanctions for months.

He said he could not rule out that the US administration would extend the waivers beyond six months.

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