March 25, 2019

Iran sanctions: "Maximum" economic pressure, Treasury's Mnuchin says

07 November 2018, 04:16 | Devin Moran

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US motorists will not welcome any price rise at the pump

The countries are China, India, Japan, South Korea, Taiwan, Italy, Greece and Turkey.

A new package of sanctions affect oil exports, worldwide transportation and banking sector.

In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Meanwhile, Iran responded to the US's tough new sanctions with air defence drills and confident, confrontational rhetoric.

"The aim is to drive Iranian oil exports to zero", Bolton said on Fox Business Network. Unlike many other news organizations, we have not put up a paywall. "I don't want to lift oil prices".

Seoul also won an exemption from the United States to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, the official said. Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.

Major producers of synthetic resin and fiber have increased prices for some products including polyethylene, used for food wrappers and plastic bags.

Lord Lamont said that Mr Trump's actions were motivated by rivalry with previous president Barack Obama, under whom the 2015 nuclear deal was signed.

The Secretary of State said that the President Donald Trump Administration has targeted as many as 168 Iranian entities through 19 rounds of sanctions since it came into office in 2016, adding that "today's sanctions will accelerate the rapid decline of worldwide economic activity in Iran since the implementation of our strategy in May". "This is substantially more than we ever have previously done", Mnuchin said.

Jameel Ahmad, head of market research at futures brokerage FXTM said the "sanctions on Iran have been. priced into the oil markets a long time ago", and that he would "instead focus more heavily on the global demand outlook because of the ongoing external uncertainties weighing down on economic prospects".

In particular the sanctions target Iran's vital energy sector and its shipping and shipbuilding sector and banking sector.

"Sanctions against Iran are very strict". More than 700 individuals, entities, aircraft, and vessels were blacklisted, including 50 Iranian banks and their domestic and foreign subsidiaries.

Rising oil output from the USA (875 operational oil rigs are the highest level since March 2015) and the top producers like Saudi Arabia and Russian Federation (they have promised oil to meet any shortfall from Iran) has kept prices from rising.

Pompeo issued a similar warning, saying, "If a company evades our sanctions regime and secretly continues sanctionable commerce in the Islamic republic, the United States will levy severe, swift penalties on it, including potential sanctions".

The same day as the sanctions were reimposed, SWIFT, the Belgium-based bank messaging system, suspended some Iranian banks from using its system.

"The maximum pressure exerted by the United States is only going to mount from here", U.S. Treasury Secretary Steven Mnuchin said in a statement.

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