Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.'

Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.'

Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.'

But senior administration officials refused to spell out the names on Friday.

"We have advised SWIFT that it must disconnect any Iranian financial institution that we designate as soon as technologically feasible to avoid sanctions exposure", Mnuchin said on the call.

Iran said it was not troubled over the re-imposition of USA sanctions, which target not only its vital oil and gas sector but also shipping, ship-building and banking industries.

China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been top importers of Iran's oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer. "America has been defeated by the Islamic Republic over the past 40 years", he said. "These negotiations are still ongoing". "Two of the jurisdictions will completely end imports as part of their agreements".

The ministerial committee official said Iraq's finance ministry had set up an account with a state-run bank where Baghdad would deposit in Iraqi dinars the amounts owed to Iran for the imports.

But US-Iranian rancour is especially strong this time round following Trump's decision in May to withdraw the United States from world powers' 2015 nuclear deal with Iran and reimpose sanctions on Tehran.

The renewed sanctions are designed "to paralyse (Iran's) economy and keep it backward". Now, Europe is trying to preserve the deal to avoid a potential war they fear could result if Iran abandons the deal over U.S. actions, he said.

The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income.

The oil market ran higher in anticipation of this week's formal re-imposition of sanctions against Iran by the United States, and on concerns that supply from producers like Saudi Arabia would not be able to make up the difference.

Regarding China, he said the continuing trade war with the U.S. - with no sign of an end in sight - "will orientate China towards Iran" such that it will "seek to develop infrastructure there in the framework of its Belt Road Initiative and increase its trade and energy supplies from Iran".

The other parties to the nuclear deal see it as an important bulwark against the risk of wider war in the Middle East and have reaffirmed their commitment to it. Iran has said it could leave the pact if the European Union cannot protect its economic benefits.

"During 2012-2015, when the global community was relatively united in pressuring Iran, Iran's economy shrank by 9 percent per year, crude oil exports fell from about 2.5 million barrels per day to about 1.1 mbd, and Iran was unable to repatriate more than $120 billion in reserves held in banks overseas".

"Our goal remains getting countries to zero imports of Iranian oil".

Senate Republicans including Ted Cruz (R-Texas), Tom Cotton (R-Ark.) and Marco Rubio (R-Fla.) want the administration to cut off Iranian banks from conducting global transactions using the Society for Worldwide Interbank Financial Telecommunication, and are expected to introduced legislation to force President Trump's hand after the election. 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.

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