U.S. reimposing all Iran sanctions, but China may have oil-trade exemption

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Pompeo said the exceptions were temporary and allotted to countries that had made progress toward cutting their dependence on Iranian supplies.

The US wants Iran to withdraw from war-ravaged Syria, where the Shiite clerical regime is a key ally of President Bashar al-Assad, and end longstanding support to regional militant movements Hezbollah and Hamas, as well as Yemen's Huthi rebels. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman, Bahram Qasemi, told state television.

Three Iraqi officials said on Friday that the U.S. has informed Baghdad it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after Washington reimposes sanctions on Tehran's oil sector, according to Reuters.

Iran exported the equivalent of 2.5 million barrels a day in April, before the announcement of sanctions turned buyers away.

The United States is open to a "new, more comprehensive deal" with Iran, President Donald Trump has said ahead of a second and final round of sanctions ordered by him go into effect from Monday, hitting Iran's crude oil exports, shipping and ports and its financial system.

"Nitty gritty of this waiver will be announced eventually", said Pradhan.

Iranians will be forced into finding creative ways to sell oil, relying on their years of experience of life under previous sanctions. Let me say that again: Zero.

India is a major importer of Iranian oil - of the 220.4 million metric tonnes of crude imported by India in 2017-18, more than 9% was from Iran.

Vice President Mike Pence, for his part, said, "Iran will be under the most punitive sanctions they have ever faced". The impact remains in question as other countries, particularly Washington's European allies, are resisting joining its effort to economically strangle the Tehran regime.

Meanwhile, Iranian state television reported that the Islamic Republic had started production of the locally-designed Kowsar fighter plane for use in its air force.

During the last sanctions period, China funnelled nearly all its Iranian transactions through the Bank of Kunlun, controlled by Chinese state energy group CNPC, which was sanctioned by the USA in 2012 but shielded the rest of the sector from penalties.

'Game of Thrones' stars Sophie Turner and Maisie Williams took to Twitter on November 2 to go against Donald Trump for using a meme of their show to promote sanctions for Iran.

The three biggest European powers are co-signatories, along with Russian Federation and China, to an worldwide 2015 deal with Iran that reined in its nuclear work in exchange for the lifting of most global sanctions on Tehran.

In May, Trump stunned the worldwide community by unilaterally withdrawing the United States from the landmark Iranian nuclear deal, which was signed under the Obama administration, and by promising to reinstate all the previous sanctions against the Islamic republic.