U.S. renews Iran sanctions, grants oil waivers to 8 countries

06 November, 2018
Source: Reuters

The United States snapped sanctions back in place on Monday to choke Iran’s oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.

Washington has pledged to eventually halt all purchases of crude oil from Iran globally but for now it said eight countries - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - can continue imports without penalty. Crude exports contribute one-third of Iran’s government revenues.

Pompeo said the waivers were issued to countries that have already cut purchases of Iranian crude over the past six months, and to “ensure a well-supplied oil market.” The exceptions are designed to last 180 days.

Trump said he wanted to go slow on the sanctions, citing concerns about causing global price spikes.

“I could get the Iran oil down to zero immediately but it would cause a shock to the market. I don’t want to lift oil prices,” he told reporters before flying to a campaign event.

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