United States targets Iran with oil sanctions

Khamenei Trump

Iran’s Khamenei ‘World Opposes Every Decision Made By Trump’ Getty 4 Nov 2018

Gholamali Khoshroo said in a letter Monday to Secretary-General Antonio Guterres that the U.S.

On Monday, the US President imposed strict sanctions targeting Iran's oil, banking and industrial sectors, threatening more action to stop Tehran from pursuing "outlaw" policies.

The sanctions end all economic benefits America had granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord that saw it limit its enrichment of uranium.

Close Trump ally and Iranian foe Israel, which has repeatedly struck Iran's forces in Syria, has thanked the USA for the new sanctions.

USA president Trump has taken a hardline against Iran since taking office.

Senior US official Brian Hook was quoted by media as saying that settlements with Iran would be carried out through "credits" and not hard currency, and that the same credits could be used to settle financial matters over exports of goods to Iran. That deal was backed by European powers, Russian Federation and China and sealed by a UN Security Council resolution.

The latest warnings from the United States came hours after Iranian President Hassan Rouhani vowed to break the sanctions and continue to sell oil, despite the "economic war" Washington is waging on it.

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"We are at an economic war situation".

"I don't think that in the history of America, someone has entered the White House who is so against law and global conventions".

In one of Tehran's bazaars, there was anxiety over the future.

Rouhani did not mention the name of the leaders of the four countries. There is no need for all these messages. "We are prepared to resist any pressure", Rouhani said. Foreign Minister Mohammad Javad Zarif said USA "bullying" was backfiring by making Washington more isolated, a reference to other world powers opposed to the initiative.

"More than 20 importing nations have zeroed out their imports of crude oil already, taking more than 1 million barrels crude per day off the market", US Secretary of State Mike Pompeo told reporters in a briefing.

The Belgium-based SWIFT financial messaging service said on Monday it is suspending some unspecified Iranian banks' access to its messaging system in the interest of the stability and integrity of the global financial system.

The sanctions also come as Iran's economy is under pressure from the first round of USA sanctions that went into effect in August.

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Rouhani's plan since his election in 2013 was to boost the economy by rebuilding ties with the world and attracting billions of dollars in foreign investment - a strategy that now looks in tatters.

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Alamolhoda, an influential figure on the government's Assembly of Experts, told his followers that Iran would launch a missile attack against "all Persian Gulf countries" in the event its oil markets are curtailed.

CBN News Senior International Correspondent George Thomas weighed in on why the latest round of USA sanctions against Iran is the most significant.

USA sanctions permit trade in humanitarian goods such as food and pharmaceuticals, but measures imposed on banks and trade restrictions could make such items more expensive.

Iran's Foreign Minister, Javad Zarif, blustered that the sanctions would only isolate the United States, tweeting, "Today, US defied UN top court & Security Council by reimposing sanctions on Iran that target ordinary people. We have to stand to win". "They know very well that their economic problems are caused by the Iranian regime and not the United States", Mr Hook said in a conference call with reporters.

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