Turkey exempt from United States sanctions on Iranian oil

Donald Trump and Iran President Hassan Rouhani. —AFP

Trump set in motion the resumption of sanctions on May 8, when he announced USA withdrawal from the 2015 deal between Iran and world powers under which Tehran had agreed to curtail its nuclear program in return for relief from sanctions.

Mnuchin says the US has informed SWIFT that it would be subject to USA sanctions if it provides financial transfer services to "certain designated Iranian financial institutions". Trump announced the U.S.'s withdrawal from what he described as "the frightful, one-sided" nuclear deal.

However, when Trump said the US would withdraw from the deal and all USA secondary sanctions would be restored, things started deteriorating again. The European Union, France, Germany and Britain also slammed the upcoming United States measures.

As a result of the latest sanctions, he said the USA expects to have reduced Iranian crude oil exports by more than 1 million barrels even before these sanctions go into effect.

The new measures are expected to hit Iranians hard, CBS News' Elizabeth Palmer reported. Following the hostage-taking, the US halted diplomatic relations with Israel. In a wealthier area, CBS News met the Hossein family. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government.

The agreement saw Iran limit its controversial nuclear activities in exchange for sanctions relief.

With the sanctions clampdown, Trump is seeking to push Iran to end uranium enrichment outright, and halt its ballistic missile development and support for proxy forces in Yemen, Syria, Lebanon and elsewhere in the Middle East.

The US secretary of state, Mike Pompeo, said that eight "jurisdictions" would be granted temporary waivers after Monday's sanctions deadline, but only on the understanding that they would stop or drastically reduce oil imports in the coming weeks.

USA sanctions against importers of Iranian oil threaten the crude oil market´s precarious balance and risk surging prices, all under Saudi Arabia´s watchful gaze, according to experts.

"During 2012-2015, when the global community was relatively united in pressuring Iran, Iran's economy shrank by 9 percent per year, crude oil exports fell from about 2.5 million barrels per day to about 1.1 mbd, and Iran was unable to repatriate more than $120 billion in reserves held in banks overseas".

Following the Trump administration's announcement of renewed sanctions against Iran, set to go into effect on Monday, anti-war groups are warning the move tosses aside diplomacy in favor of paving the path towards war.

"I think we'll still come to regret this decision, even if the sanctions effort bore more fruit than I and others assessed", Nephew, now with Columbia University, wrote on Twitter. The government has made sure basic services like trash collection are working normally, and it's kept gas prices low at about 90 cents a gallon. Under U.S. law, exceptions can be granted for up to 180 days. It also put pressure on the SWIFT worldwide banking network to cut off Tehran. "We have advised SWIFT that Treasury will aggressively use its authorities as necessary to continue intense economic pressure on the Iranian regime and that SWIFT would be subject to USA sanctions if it provides financial messaging services to certain designated Iranian financial institutions", Mnuchin said. It did not name the countries which would benefit.

"But "humanitarian transactions to non-designated entities" will continue to be allowed", he said.

For Brent, Razaqzada is watching the range between $69.50 and $69.60 a barrel, and if it were to slip below that, we could see a much larger correction, he said.

The US Embassy hostage crisis took place about nine months after the start of Iran's Islamic revolution which saw the Ayatollah Khomeini brought to power.

Speaking with the reporters at the White House on Friday before leaving on a campaign trail, Trump said Iran was not the same country which it was when he started nearly two years ago.

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