Taiwan waived from U.S. ban on Iranian oil

As the Trump administration restored all sanctions lifted under the nuclear deal demonstrators attended a rally in front

The sanctions are far-reaching, but eight countries have been granted temporary waivers to buy Iranian oil, including China and India.

As NPR's Colin Dwyer reported recently, "Since May, when President Trump vowed to unilaterally pull the USA out of the Joint Comprehensive Plan of Action, his administration has telegraphed its intentions to restore the sanctions that had been lifted as part of the pact". Campaigning in Chattanooga, Tennessee, on Sunday, Trump said his "maximum pressure" against Iran was working.

The reimposed sanctions will also target Iran's central bank and the country's shipping and shipbuilding sectors.

Lord Lamont said a major concern was whether humanitarian supplies could reach the Iranian people, despite the USA saying these would be allowed.

"We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists", Mnuchin said in a statement.

"The Americans constantly said they would reduce the sale of Iran's oil to zero but I have to say that, so far, we have been able to sell our required amounts of oil", Tasnim news agency quoted Iranian Vice President Eshaq Jahangiri as saying.

"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.

"A waiver was granted to allow Iraq to continue to pay for electricity imports from Iran", a State Department official told Al-Monitor.

Japan said it was in close communication with the United States.

The decision is part of a package of concessions granted by the Trump administration to Iran and European allies as a bevy of new US sanctions go back into effect.

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Germany vowed Monday to continue legitimate business relations with Iran under European Union law, despite the US decision. "We are watching the Iranian regime with laser focus".

While stopping short of urging regime change, he reiterated demands for Iran to end policies rooted in the 1979 Islamic revolution including its support for regional proxies such as the Lebanese militia Hezbollah and its development of missiles.

That compromise aside, the Swift move is a victory for Iran hawks in the US administration, such as National Security Adviser John Bolton, who feared the creation of a sanctions loophole.

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. Trump administration officials have said eight entities are being given short-term waivers to allow them time to completely wind down their existing Iranian oil imports. Iran is already in the grip of an economic crisis.

They have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing United States penalties. "We must resist and win".

To keep the deal alive, the remaining parties to the Iran accord are trying to maintain trade with Tehran, despite scepticism that this is possible.

Oil prices initially soared on fears that the Iran sanctions would knock the world's fifth-biggest producer offline.

He said the Iranian economy was struggling because of the government's "negligence of its own people".

Oil slid from a four-year high last month as speculation grew that Washington would grant the waivers to lower gasoline prices ahead of the United States mid-term elections, while other producers in the Organization of Petroleum Exporting Countries (OPEC) pledged to offset any supply gaps.

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