Iran vows to 'proudly bypass' USA sanctions, Middle East News & Top Stories

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf

Tehran branded the sanctions economic warfare and vowed to defy the measures as the United States threatened further action.

Mr. Trump called the Obama-era nuclear deal with Iran the "worst ever" agreement stuck by the U.S. But the other parties to the deal - Britain, France, Germany, China and Russian Federation - stuck with it.

The US President said documents "conclusively" showing the Iranian regime was pursuing nuclear weapons informed his decision to pull out of the landmark nuclear agreement.

The countries allowed to keep buying oil from Iran temporarily under the sanctions include China's two biggest oil customers, China and India, Pompeo announced.

In early October, US Secretary of State Mike Pompeo said Washington would consider waivers for the importers of Iranian oil to give them time to adjust to the new conditions, but expected all countries to eventually reduce their oil imports from Iran to zero.

The United States reimposed sanctions on Iran's oil industry and financial sector Monday, following through on President Donald Trump's pledge to roll back relief Iran received as part of the worldwide agreement to limit its nuclear program.

What the sanctions target: Monday's measures completely restore all the United States sanctions that were lifted under the Iran nuclear deal. They are reported to include USA allies India, Italy, Japan and South Korea.

Pompeo defended the Trump administration's reimposition of sanctions against Iran from conservative critics who argue more should be done to isolate the country.

The most significant of the new measures is a prohibition against oil and gas sales, which provide the Iranian Government with 80 per cent of its total revenue.

"Market surveys of Iranian exports show a decline of more than 1 million barrels per day (bpd) as of October from May", Edward Bell, commodity analyst at Emirates NBD bank said.

India ranks 77th in ease of doing business rankings
According to the report published Wednesday, Turkey received 74.33 points out of 100, improving 4.34 points since a year ago . Afghanistan improved its score more than any other country after beefing up protection for minority investors.

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the United States sanctions will be dissuasive.

And Washington has now reimposed all the sanctions which were suspended in 2015 - hitting crucial parts of Iran's economy including its lucrative oil industry.

The countries will deposit Iran's revenue in an escrow account, US officials have said.

Seoul also won an exemption from the United States to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, the official said. "They wanted to take over the whole Middle East".

The resumption of sanctions prompted an air defence drill and an acknowledgement from President Hassan Rouhani that the nation was facing a "war situation". Meanwhile, global economic slowdown concerns combined with mounting concerns over rising crude output from the world's top 3 oil producers, Russia, the USA and Saudi Arabia, also added to the weight on the commodity.

Britain said on Monday it regretted the decision to reimpose sanctions on Iran.

However, President Donald Trump's personal lawyer, Rudy Giuliani, and National Security Adviser John Bolton both have made public statements supporting overthrowing Iran's theocratic Government.

European countries which are still party to the accord created to curb Iran's nuclear activity say they will help businesses bypass the sanctions.

"US bullying is backfiring".

"What the Americans are doing today is putting pressure merely on the people", he said, according to a transcript of the remarks posted on the president's website. "Right now they just want to survive", he told a rally in Tennessee, Reuters reported.

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