Iran's president vows to break US sanctions and fight 'economic war'

Iran's president vows to break US sanctions and fight 'economic war'

Though the oil sanctions scenario will become clear in coming days, oil companies are confident that their refineries would not suffer even if Iranian oil imports were to completely stop. America should learn that it cannot use the language of force against Iran.

The drill was to continue through Tuesday.

The demonstrations took place on the 39th anniversary of the occupation of the USA embassy in Tehran, which led to four decades of mutual hostility.

"Iran is the most experienced country in the world at handling sanctions".

They carried placards that mocked President Donald Trump, wiped their feet on fake dollar bills, and engaged in the usual ritual of burning the United States flag.

Kenneth Katzman, a senior Iran analyst at Congressional Research Service which conducts research for the US Congress, however confirmed that the logic behind the sanctions is an "outright regime change".

Trump has long argued that the 2015 nuclear deal is badly flawed, in part because its provisions would expire in 10 to 15 years and partly because it does not adequately constrain Iran's destabilising behaviour in the region.

Iran remained defiant Monday as the re-imposition of sanctions took hold in the Islamic Republic. Thank you, President Trump, for this historic move.

What could the impact be?

The US stance has already inflicted serious pain on Iranians, with the country's currency, the rial, losing more than two thirds of its value since May.

In fact, Iran had regained its position of the third largest exporter of crude oil to India and had been offering attractive terms to oil companies like Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals (MRPL) with a 90-day credit period and full insurance cover for ships. "Our sanctions regime has very clear exceptions for the sale of food, medicine, and medical devices", he said.

Washington has said it will ensure a well-supplied global oil market, with help from ally Saudi Arabia, as Iran oil is cut back.

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How have European Union states reacted? The other signatories to the nuclear deal have demanded that Iran accede to the FATF.

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 U.S. penalties.

"The minimum goal of the sanctions is to diminish the Iranian economy so that Iran can't develop strategic weapons or buy expensive conventional weapons or have the same level of economic output", Katzman said.

In all, 700 Iranian entities were added to sanctions lists on Monday, according to US Treasury chief Steven Mnuchin.

They could upset world oil markets, though the United States has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

"The Iranian people will prove to them how loyal they are to their Supreme Leader (Khamenei) and that they will never abandon him".

"They need a little bit more time to get to zero", Pompeo explained.

What has the reaction been in Iran?

The nationwide rallies to mark the 1979 takeover of United States embassy in Tehran began on Sunday morning under the motto of "Hayhat Minna al-Dhilla (no to humiliation!)".

Hardliners hold protests to commemorate the siege every year but on Sunday, protestors also vented their fury about the sanctions. The turnout figure could not be independently confirmed by Reuters. "The main objective from the U.S. side is to force Iran to accept most - if not all - of its 12 conditions and demands".

Iran's national currency, the rial, now trades at 145,000 to one US dollar - down from 40,500 to $1 a year ago.

Another said: "America is not our enemy, our enemies have taken us as hostages in our own home [country]".

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