Iran will 'proudly bypass' US sanctions: Rouhani

Iran will 'proudly bypass' US sanctions: Rouhani

'Our position remains that as long as Iran continues to meet the deal that exists, we will be committed to it too'.

Mr Pompeo added oil exports have fallen to nearly one million barrel a day, despite it being the biggest income for Iran.

They will directly affect companies from third countries doing business with Iran.

The Europeans are working to set up a special payment system that would bypass the United States sanctions and discard the dollar in dealings with Iran.

File photo of USA president Donald Trump.

It is believed that the new sanctions will compel Tehran to renegotiate the Joint Comprehensive Plan of Action (JCPOA). Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions. According to Mnuchin, "SWIFT is no different than any other entity, and we have advised SWIFT the Treasury will aggressively use its authorities as necessary to continue intense economic pressure on the Iranian regime".

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes. They are the strongest sanctions we've ever imposed.

On Saturday, US Secretary of State Mike Pompeo said the decision to reimpose sanctions was "aimed at fundamentally altering the behavior of the Islamic Republic of Iran". "We're trying to change the ayatollah and Qasem Soleimani's behaviour to keep the American people safe and secure".

These sanctions have already had an enormous impact.

After initially promising to drive the country to zero exports of oil, the U.S. has offered a waiver to eight buyers of Iranian crude, a move that Secretary of State Mike Pompeo defended yesterday.

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For example, the U.S. does not want to have India and South Korea move geopolitically closer to China, Russia and other competitors and away from its influence. That'll take us some number of months to do that.

According to industry experts, bringing oil from the United States may be expensive due to distance. "America has been defeated by the Islamic Republic over the past 40 years", he said.

Broader oil markets remain constrained by trade fears and impending oversupply.

Global benchmark Brent crude had fallen about 15 per cent from over $85 a barrel in October on speculation that some nations would get waivers, as well as signs that other Opec members would pump more to offset any supply gap.

Iranian leaders and particularly IRGC officials often make threatening remarks about the USA and its allies in the region.

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.

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

US sanctions on Iran were fully restored Monday, opening a new phase of conflict between the two countries since Washington withdrew from the 2015 nuclear deal earlier this year. "Act on your commitments, and we will sit and talk", he said. "Secretary Pompeo has been very clear that we have an ear open to what is possible".

"Iran ... will not permit the Trump regime, which has made American foreign policy devoid of any principles, to reach its illegitimate goals", the Iranian Foreign Ministry said in a statement carried by IRNA.

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