Iran will sell oil, break US sanctions, President Rouhani says

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The United States reimposed sanctions on Iran's oil industry and financial sector Monday, following through on President Donald Trump's pledge to roll back relief Iran received as part of the worldwide agreement to limit its nuclear program.

The Trump administration though has granted exemptions to eight countries to continue importing Iranian oil, without naming them.

"We are standing up to a bullying enemy", said Iranian President Hassan Rouhani.

In 2012, South Korea received a waiver on U.S. sanctions by importing limited amounts of Iranian oil during the previous round of sanctions that were lifted in early 2016.

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

Iranian leaders called the sanctions "illegal" and said they would only hurt ordinary people.

Pompeo also said limited waivers had been issued to allow European and other firms to continue conversion work on two of Iran's nuclear facilities.

The Trump administration on Monday reimposed sweeping sanctions on Iran, targeting its financial sector and oil industry to pressure the Islamic regime to cease nuclear weapon development and sponsoring terrorism.

However, the Europeans need to figure out a way to maintain that trade with Iran without enraging the U.S. As reported Monday by the Financial Times, the EU has been preparing a "special goal vehicle" to safeguard that trade, but it's not yet ready. The Trump administration is providing waivers to eight countries, allowing them to continue to import oil from Iran, which Pompeo said was necessary "to ensure a well-supplied oil market".

Oil prices dipped on Monday as the start to USA sanctions against Iran's fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily.

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They also cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, Tehran's national airline, Iran Air, and more than 65 of its aircraft, the Treasury statement said. Iran denies the allegations.

At present prices, a reduction of one million barrels per day in Iranian exports would reduce its revenue by around $2 billion per month.

While all worldwide conventions opposed and denounced what the radical students did at the start of the Iranian revolution storming the United States embassy in 1979, Iran's Revolutionary Guard commanders celebrated today the anniversary of the storming of the embassy in speeches coinciding with the start of the second round of USA sanctions on Sunday.

"The United Nations and its member-states, in accordance with the charter of the United Nations and the global law, should resist against these wrongful acts and hold the United States accountable for such acts", he added.

Trump announced in May his government was withdrawing from what he called the "worst ever" agreement negotiated by the United States.

Iran remained defiant, greeting the renewed USA sanctions with air defense drills and a warning from President Hassan Rouhani that the nation faces a "war situation". "We have the knowledge and the capability to manage the country's economic affairs", Foreign Ministry spokesperson Bahram Qasemi told state TV on Friday.

On Monday, the administration said it restored previously lifted sanctions on Iranian banking, shipping and energy.

"We are in the economic war situation".

During the rallies, the demonstrators chanted slogans against the US and Israel and condemned US President Donald Trump's aggressive policies and stances against the Islamic Republic.