The US has reimposed all sanctions on Iran that had been lifted under its 2015 nuclear deal with world powers, grinding further down on the Islamic Republic\u2019s already ailing economy.<\/b>
\nBy Nasser Karimi and Jon Gambrell, Associated Press
November 5 2018 9:54 PM
The US has reimposed all sanctions on Iran that had been lifted under its 2015 nuclear deal with world powers, grinding further down on the Islamic Republic\u2019s already ailing economy.
President Hassan Rouhani said a \u201cwar situation\u201d was facing Tehran as the country ran televised air defence drills showing soldiers cheering the downing of a drone, but otherwise held back from any military response over US efforts to curtail \u201cmalign activities\u201d across the Middle East.
While previously warning it could ramp up its nuclear programme, Iran still honours the atomic accord now limiting its enrichment of uranium, according to the United Nations.
The US Treasury Department imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels in the new sanctions, including 50 banks and subsidiaries, more than 200 people and ships, Iran\u2019s state-run airline Iran Air and more than 65 of its planes.
Companies risk their reputation engaging with #Iran \u2019s regime, which spreads violence and instability in the region and around the world. Companies that evade our sanctions and continue sanctionable commerce with the Iranian regime will face severe penalties. pic.twitter.com\/sGbl5I5UpH
The new sanctions particularly hurt Iran\u2019s vital oil industry, which provides a crucial source of hard currency. US secretary of state Mike Pompeo told journalists in Washington the sanctions has already cost Iran the sale of more than a million barrels of crude oil a day.
\u201cOur objective is to starve the Iranian regime of the revenue it uses to fund violent and destabilising activities throughout the Middle East and, indeed, around the world,\u201d Mr Pompeo said.
\u201cThe Iranian regime has a choice: It can either do a 180-degree turn from its outlawed course of action and act like a normal country, or it can see its economy crumble.\u201d
The administration of Donald Trump, who campaigned on a promise of tearing up the nuclear deal, insists it does not seek \u201cregime change\u201d in Iran through the sanctions.
It says it wants Tehran to radically change its policies, including support for regional militant groups and its development of long-range ballistic missiles.
However, Mr Trump\u2019s personal lawyer Rudy Giuliani and his national security adviser John Bolton have both given speeches advocating overthrowing Iran\u2019s theocratic government.
Analysts feared in the run-up to the sanctions that global oil prices could spike on tight supply and increasing demand. However, the Trump administration allowed some of its allies \u2014 Greece, India, Italy, Japan, South Korea, Taiwan and Turkey \u2014 as well as rival China to continue to purchase Iranian oil as long as they work to reduce imports to zero.
That caused prices of benchmark Brent crude to dip down from over 80 dollars a barrel in recent days. It traded up over 73 dollars a barrel on Monday after the sanctions took effect.
\u201cWe have the toughest sanctions ever imposed but on oil we want to go a little bit slower because I don\u2019t want to drive the oil prices in the world,\u201d Mr Trump said on Thursday.
\u201cI could get the Iran oil down to zero immediately, but it would cause a shock to the market.\u201d
Mr Rouhani, whose signature achievement was the nuclear deal, promised that Iran would still be able to sell its oil on the international market. Its national oil company has started selling crude oil to private companies who can sell to anonymous buyers abroad as a means to get around the sanctions.
\u201cWe are in an economic war situation. We are standing up to a bullying enemy,\u201d he told government officials in televised remarks, invoking Iran\u2019s ruinous 1980s war with Iraqi dictator Saddam Hussein.
\u201cYesterday, Saddam was in front us; today Trump is front of us. There is no difference. We must resist and win.\u201d
Iranian state television broadcast video of air defence systems and anti-aircraft batteries in two-day military manoeuvres under way across a vast stretch of the country\u2019s north. It included surface-to-air missiles shooting down a drone.
Iran is already in the grip of an economic crisis. Its national currency, the rial, now trades at 150,000 to one US dollar. A year ago, it was about 40,500.
The economic chaos sparked mass anti-government protests at the end of last year, resulting in nearly 5,000 reported arrests and at least 25 people being killed. Sporadic demonstrations still continue.
Gholamali Khoshroo, Iran\u2019s UN ambassador, accused the US of \u201cbrazenly and boldly\u201d violating a UN Security Council resolution that unanimously endorsed the nuclear deal by reimposing sanctions, and he called for \u201ca collective response by the international community\u201d.
Press Association
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