Whole world opposes Trump's decisions, says Iran's Khamenei

Donald Trump and Iran President Hassan Rouhani. —AFP

Iranians burn an image of US President Donald Trump during an anti-US demonstration outside the former US embassy headquarters in the capital Tehran on 9 May 2018 after Trump's withdrawal from the nuclear deal with Iran.

President Donald Trump withdrew from the deal in May, describing it as "defective at its core".

The United States will add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut Tehran off when it reimposes sanctions Monday in a "maximum pressure" effort to cripple the country's economy.

This time, 1.1 million barrels a day have already been cut from Iran's shipments - a combination of crude and a light oil called condensate that was spared from curbs in 2012 - according to data compiled by Bloomberg.

Eight countries will not be penalized by the USA for continuing to import Iranian oil, and those revenues will help Iran, although not by enough to allow Tehran to continue financing regional conflicts.

Given that the demand for petroleum products grew at a compound annual growth rate (CAGR) of 5.5% between 2013 and 2017, there were not many options available to India with terms as attractive as those offered by Iran.

"Our goal remains getting countries to zero imports of Iranian oil".

The US said the sanctions are not aimed at toppling the government, but at persuading it to radically change its policies, including its support for regional armed groups and its development of long-range ballistic missiles.

On Friday, the U.S. said it would add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut off Tehran as Washington applies "maximum pressure" to cripple the country's economy.

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Another problem is that the product used in the SPV to trade with Iran may also violate secondary sanctions, says Leigh Hansson, head of worldwide trade and national security at Reed Smith. India remained undeterred to the U.S. threat of imposing sanctions.

"Unlike in prior administrations, we will ensure that the money is not spent on illicit activities, that there isn't any leakage in these escrow accounts, and we will work closely with countries to encourage the sale and purchase of humanitarian goods to benefit the Iranian people".

Treasury Secretary Steve Mnuchin said the US has "gone after the financial networks that the Iranian regime uses to fuel its terrorist proxies in Hezbollah and Hamas, to fund the Houthis in Yemen, and to support the brutal Assad regime in Syria".

Negotiations are still ongoing, he said explaining the reasons for not revealing the names of the countries that are expected to get exemptions from the U.S. from this latest and so far the toughest American sanctions on Iran.

These countries include India, Japan and South Korea.

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.

Secretary of State Mike Pompeo said earlier Friday the United States will grant eight jurisdictions waivers to the US -led campaign against Iran, but did not name them. Those that buy oil from Iran after the cutoff could be penalized, through fines or exclusion from the United States financial system.

The European Union has gone so far as to protect businesses that operate in Iran. The book, which the Post reported on in July, was released in time for the August 6 less-damaging United States sanctions.

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