Published: Mon, November 05, 2018
Business | By Tara Barton

Iran will sell oil, break USA sanctions, President Rouhani says

Iran will sell oil, break USA sanctions, President Rouhani says

Iran remained defiant Monday as the re-imposition of sanctions took hold in the Islamic Republic. "We are prepared to resist any pressure", Rouhani said.

The accord provided Iran with billions of dollars in relief from worldwide sanctions in exchange for sweeping curbs on and inspections of its nuclear program.

"America wanted to cut to zero Iran's oil sales. but we will continue to sell our oil.to break sanctions", Rouhani told economists at a meeting broadcast live on state television.

He also called the sanctions that went into effect on Monday "fruitless" and part of the USA propaganda and psychological war against Iran.

I am very confident that the sanctions that will be reimposed this Monday - not only the crude oil sanctions, [but] the financial sanctions that are being put in place by the Treasury Department and over 600 designations of individuals and companies in Iran - will have the intended effect to alter the Iranian regime's behavior.

Thousands of protesters gathered in front of the former U.S. Embassy, burning American flags and chanting "Death to America!"

"We already live in the condition of sanctions. Iranian exports show a decline of more than 1 million barrels per day (bpd) as of October from May", said Edward Bell of Emirates NBD bank.

Washington's top diplomat refused to comment on what specific actions the Trump administration may take against Moscow and Beijing, should both countries decide to continue to do business with Tehran.

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"We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran", Mr. Novak said in an interview with the Financial Times.

Rouhani said even without the waivers Iran would still be able to sell its oil, semi-official Tasnim news agency reported.

On Saturday night, Israeli Prime Minister Benjamin Netanyahu in a statement thanked U.S. President Donald Trump for reimposing the sanctions.

Anger and distrust over the USA is surging again following Mr Trump's decision to withdraw from landmark nuclear deal with world powers despite Tehran's compliance with the agreement, which was negotiated under the Obama administration.

Hua says: "We regret this decision by the U.S".

On Twitter, President Trump published a photo of himself walking resolutely with the caption: "Sanctions are coming", an allusion to Game of Thrones.

Iran greeted the re-imposition of USA sanctions on Monday with air defense drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation", raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold. He did not name those countries, but was likely referring to China, France, Russia and Britain, which along with Germany made up the world powers involved in the 2015 nuclear deal.

Iran's foreign ministry is shrugging off the re-imposition of US sanctions on Iran, saying it's nothing new and that the country has gone through a wider range of sanctions in the past.

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