New US sanctions on Iran, which limit oil exports, enter into force on Monday (5). The entry into force comes six months after the US withdraws from the nuclear deal with Iran. Most sanctions against the world's third-largest oil exporter were suspended in early 2016 after the signing of the agreement.
Who is affected by the sanctions that the US imposes on Iran
Iranians fear for new sanctions
The Iranian government has said it will ignore the measures, which it considers illegal because they were taken out of the agreement signed in 2015.
These measures will directly affect Asian or European companies that continue to buy Iranian oil or trade with Iranian banks, blocking access to the US market.
US Secretary of State Mike Pompeo has announced that China, India, Italy, Greece, Japan, South Korea, Taiwan, and the United States have agreed to extend temporary exemptions to eight countries to continue importing crude oil from Iran. Turkey will not be penalized for trading with Iran. These exemptions are to ensure that oil prices are not destabilized.
Speaking to reporters, US President Donald Trump said he wants to go "a little slower" with sanctions on oil. According to him, a more incisive action could cause a shock in the market. "I do not want to raise oil prices," Trump said, according to Reuters.
This exemption regime is similar to what the United States practiced between 2012 and 2015, prior to the 2015 nuclear deal under Barack Obama.
At that time, China, Turkey, South Korea, Japan and Taiwan were spared the sanctions because they were gradually reducing their imports of Iranian crude. Years later, the Trump administration took up the same argument.
US sanctions act as blackmail against third countries currently negotiating with Iran: Asian or European companies will be banned from the US market if they continue to import Iranian oil, or carry out operations with Iranian banks. Many have already chosen or will choose the United States.
"There is a group of countries that have already significantly reduced their oil imports and it needs a little more time to reach zero, and we will give that time," US diplomat chief Mike Pompeo said in an interview Sunday. Fox channel.
The largest market for Iranian oil is China, followed by the European Union, India and Turkey. Japan and South Korea virtually reduced their imports to zero.
US President Donald Trump wants to get a bilateral agreement with Iran similar to that negotiated with North Korea. He has given mixed signals that he is willing to meet with Iranian leaders. The US government imposes 12 conditions to sign a comprehensive agreement with the country.
These include firmer and more durable restrictions on the nuclear program, an end to the proliferation of ballistic missiles, and Tehran's "destabilizing" activities in neighboring countries. To force Iran to meet its terms, the US government intends to impose the "strongest" sanctions in history. Further punitive measures are expected in the coming months.
The resumption of sanctions is part of Donald Trump's larger efforts to force Iran to cut its nuclear and missile programs as well as its support for forces in Yemen, Syria, Lebanon and other parts of the Middle East.
Although the major major foreign companies have chosen to leave Iran, the effect of the ban on Iranian oil exports is still difficult to assess.
