As US sanctions resume, Iran starts annual air defense drill

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The Iranian president said that the country will undercut Washington's plan for sanctions on its energy and banking sectors.

Sources said the U.S. waiver for 8 countries, may not be indefinite and it would come with commitment to reduce oil imports from Iran to zero quickly.

Thousands of Iranians rallied in Tehran on Sunday to mark the 39th anniversary of the U.S. Embassy takeover, as Washington restored all sanctions lifted under the nuclear deal.

The United Arab Emirates' minister of state for foreign affairs, Anwar Gargash, said on Saturday that Iran's "aggressive policies" were "largely responsible" for the reimposition of USA sanctions on Tehran.

USA sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts. "There's a handful of places were countries that have already made significant reductions in their crude oil exports need a little bit more time to get to zero, and we're going to provide that to them", he said. "We will ultimately move Iran to zero crude oil". The two countries have been enemies, on opposite sides of Middle East conflict, ever since.

A first set of sanctions announced August 7 prompted European automakers Daimler and PSA to quit Iran.

Thousands of Iranians chanted "death to America" at a rally in Tehran yesterday as the country's leaders remained defiant in the last hours before fresh United States sanctions came into force. I should think that lessening the resources of the regime to fund evil beyond Iran's borders is good in itself, but this is a point that escapes Gordon.

More than 100 global companies have pulled their business from Iran due to the further sanctions.

Switzerland said on Monday it is holding talks with the United States and Iran about launching a payment channel to help ensure that food and drugs keep flowing to the Islamic Republic.

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The UK, Germany and France - which are among the five countries still committed to the nuclear pact - have all objected to the sanctions, the BBC said.

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 USA penalties.

Second, although Saudi Arabia has said it will increase capacity by more than a million barrels...

Iran's clerically-led government celebrates the embassy takeover every year as a decisive blow against the United States, which had supported the autocratic rule of Shah Mohammad Reza Pahlavi.

China, India, South Korea, Japan and Turkey - all top importers of Iranian oil - are among eight countries expected to be given temporary exemptions from the sanctions to ensure crude oil prices are not destabilized.

"On Monday, November 5, the termination of US participation in the Iran nuclear deal will be complete". The effect of the initial sanctions is already being felt -the rial has plummeted, Iran's economy is depressed and the results are evident.

Iranian army Gen. Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard were taking part in the exercise.

The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income.