Pompeo Allows Sanctions Exception for Chabahar Port

Iran’s Economy Minister Farhad Dejpasand

In Moscow's first official reaction since the restoration of Washington's bans on Tehran, Russian Foreign Minister Sergei Lavrov said on Tuesday that the United States sanctions are "not legitimate".

Meanwhile, US ambassador to Afghanistan John Bass said the US has, after extensive consideration, provided an exception under the Iran Freedom and Counter-Proliferation Act.

Lavrov emphasized that Russian Federation and its European partners were looking for ways to maintain economic ties with Iran.

Earlier this week, Mr. Zanganeh wrote to OPEC complaining that some members of the so-called Joint Ministerial Monitoring Committee - which consists of all OPEC and non-OPEC countries - "openly" side with the USA regarding sanctions on Iran, The Associated Press reported. The bans had been lifted under the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA). The first round of United States sanctions were re-imposed in August and the second on Monday. All of them maintain that they will continue to trade with Iran.

The US has also granted waivers to nearly all key clients of Iran's crude oil for fear of further hikes in oil prices.

"We've already reduced Iranian crude oil experts by over a million barrels per day".

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Asserting that the US' "desperation" was highlighted in their move to include closed companies in the sanctions, Zarif said that the anti-Iran move was mostly criticised and opposed by the worldwide community and that only a handful of nations like Israel and others supported the move.

There was no need for India to cravenly accept the USA sanctions on Iran.

A collision between an oil tanker and a military frigate off Norway's coast temporarily shut down the nation's largest crude-export terminal, halted the pumping of several North Sea grades, and boosted immediate natural gas prices in the United Kingdom.

On Wednesday, President Trump took credit for keeping oil prices low.

U.S. crude output reached a new record high of 11.6 million bpd in the latest week and the country has now overtaken Russian Federation as the world's largest oil producer. In October, Iran's crude exports were estimated at 1.82 million bpd by data intelligence company Kpler and 1.5 million bpd by another firm that traces Iranian shipments. The other signatories to the nuclear deal - Germany, France, Britain, the European Union, Russia and China - have condemned Trump's walkout from the pact. We have so many countries that are on our side. They also stated that they would work with Russian Federation and China as participants to the JCPOA and with third countries interested in supporting the JCPOA. The official spokesman for the Chinese government declared that China opposes the unilateral sanctions and reiterated China's "normal cooperation" with Iran.

The sanctions, however, will inevitably erode Iran's state finances and raise already high inflation and jobless rates, making life harder for ordinary Iranians.

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