United States allow eight importers to keep buying Iranian oil for now

Vastavam web: The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as “jurisdictions,” a term that might include importers such as Taiwan which the United States does not regard as a country.

On Twitter, in a message designed to emphasise his “maximum pressure” policy towards Iran, Trump included a photograph of himself modelled on a entertainment industry poster with the headline: “Sanctions are coming November 5.” 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.

India and South Korea were also on the list, said a source familiar with the matter who spoke on condition of anonymity. Under U.S. law, exceptions can be granted for up to 180 days. Oil prices fell on Friday for a weekly loss of over 6 percent, as investors worried about crude oversupply after the U.S. waivers.U.S. Treasury Secretary Steven Mnuchin also said Washington had told the Brussels-based SWIFT financial messaging service it was expected to disconnect all Iranian financial institutions that the United States plans to blacklist as of Monday. He declined to name the targeted institutions.

Trump set in motion the resumption of sanctions on May 8, when he announced U.S. withdrawal from the 2015 deal between Iran and world powers under which Tehran had agreed to curtail its nuclear program in return for relief from sanctions.