President Donald Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States. This is unsurprising, as the European Union strongly opposed USA withdrawal from the nuclear deal, and has always said it would continue trading with Iran.
Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC member Iran's top customers. Note, too, that the Administration didn't spare the European Union from the oil sanctions following its refusal to cooperate with helping the US renegotiate Barack Obama's flawed nuclear deal with Tehran.
The oil and financial sanctions end all the economic benefits the U.S. granted to Tehran for its 2015 nuclear deal with world powers, even though Iran has been abiding by the accord that saw it limit its enrichment of uranium. SUBSCRIBE NOW and hit the bell to be the first in the know.
Demonstrators in Iran attend a rally in front of the former U.S. Embassy in Tehran Sunday, marking the 39th anniversary of the seizure of the embassy by militant Iranian students.
Iran's United Nations ambassador Gholamali Khoshroo said the United Nations should hold the U.S. accountable for re-imposing the sanctions.
World oil markets were on alert, nervously set to gauge the consequences of the sanctions.
Tehran vowed to defy the economic war while Iranian clerical rulers have dismissed concerns about the impact on the economy.
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Iran will keep selling its oil and break sanctions on its vital energy and banking sectors, Iranian President Hassan Rouhani told economists at a meeting broadcast live on state television on Monday. Meanwhile, global economic slowdown concerns combined with mounting concerns over rising crude output from the world's top 3 oil producers, Russia, the USA and Saudi Arabia, also added to the weight on the commodity.
Pompeo also remarked on President Donald Trump's "sanctions are coming" message, which he tweeted out in the form of a dramatic Game of Thrones-style poster Friday.
He added, Iran will never come close to a nuclear weapon on President Trump's watch.
"We can assure our people that the enemy will not be able to carry out its threats against our country", IRNA quoted Habibollah Sayyari, the coordinating officer, as saying.
"What we have authorized is very narrow, very limited, very time-limited as well, but important nonetheless that these non-proliferation projects are not things that are taking place without some ability to see what's going on", Pompeo said.
The unilateral sanctions reintroduce some of the most crippling restrictions on Iran's oil, shipping and banking sectors and seek to penalise even non-US entities that do business with Iran.
A senior Iranian official who declined to be identified said Tehran will not yield to pressure to change its policies.
"The United Nations and its member-states, in accordance with the charter of the United Nations and the global law, should resist against these wrongful acts and hold the United States accountable for such acts", he added.
"That's why they want us to round up our missiles".