United States unleashes "toughest ever" sanctions on Iran

Open to new deal with Iran: Trump

The move by the White House re-imposes US sanctions that were lifted as part of a 2015 multinational deal with Tehran and impose hundreds of additional sanctions created to hit Iran's key economic sectors - including oil and gas, shipping and banking.

With Iran's major oil importers not being affected by the sanctions, it's not really hurting them all too much even if said exemptions are to be temporary.

Trump's administration says it wants a new deal with Iran that curbs its interventions around the Middle East and missile programme - demands that have been flatly rejected by Tehran.

Secretary of State Mike Pompeo on Sunday issued a thinly veiled warning to Russian Federation and China putting both countries on notice that it will suffer the consequences if they continue to purchase Iranian oil after US economic sanctions on such exports snap back this week.

Asked about the prospect of the country restarting a nuclear program, Pompeo replied that "We're confident the Iranians will not make that decision" on CBS' "Face the Nation". They could upset world oil markets, though the United States has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

As part of the strategy to reduce dependence on Iran oil, state-owned oil companies like International Olympic Committee plan to use optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq - also to make up for any shortfall in supplies.

US President Donald Trump unilaterally withdrew Washington from the pact in May despite objections from close allies in Europe.

"The effect of the initial sanctions is already being felt - the [local currency] is at a low, Iran's economy is at a low and we're already seeing results on the ground", he said in video message posted Saturday.

Iraq is not only next to Iran, it is economically and culturally so intertwined with Iran that it is not obvious if Iraq would have the capacity to break away completely from Iranian oil. Watch as we've already taken more crude oil off the market than any time in previous history.

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They have promised to support European firms that do "legitimate business" with Iran and have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing U.S. penalties.

USA officials said the jurisdictions that had been given waivers would be identified on November 5, although they have not yet been disclosed. Sputnik discussed the sanctions' implications for Tehran with Iranian economic experts.

Senior Iranian officials have dismissed concerns about the impact to its economy.

"On Monday, November 5, the termination of USA participation in the Iran nuclear deal will be complete".

Iranian oil exports have fallen by about a million barrels in that time, though India and China have continued to purchase it.

In all, 700 Iranian entities will be added to sanctions lists on Monday, according to Treasury Secretary Steven Mnuchin.

Iranian officials, meanwhile, reported a cyberattack targeting the country's communication infrastructure, blaming the purported attack on Israel.

Students at the government-organised march in the capital burned pictures of Donald Trump, the US President, and the US flag to mark the seizure of the US Embassy during the 1979 Islamic Revolution.

Asked if the United States had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do". "The challenge between the U.S. and Iran has lasted for 40 years so far and the United States has made various efforts against us: military, economic and media warfare", he said.

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